Form 990-PF Schedule B - Schedule of Contributors

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What is Form 990-PF Schedule B?
When does a Private Foundation need to attach Schedule-B with Form 990-PF?
What contributions are reported on Schedule B?
How to Complete Form 990-PF Schedule B?

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Form 990-PF Schedule B - Schedule of Contributors

- Updated April 21, 2023 - 8.00 AM - Admin, ExpressTaxExempt

Generally, Private Foundation uses this schedule to provide information on contributions they reported on Form 990-PF.

1. What is Form 990-PF Schedule B?

2. When does a Private Foundation need to attach Schedule-B with Form 990-PF?

3. What Contributions are Reported on Schedule B of Form 990-PF?

4. How to Complete Form 990-PF Schedule B?

5. Looking for the Ideal Way to file your Form 990-PF with Schedule B?

1. What is Form 990-PF Schedule B?

The IRS Form 990-PF Schedule B is used to report the tax-deductible (charitable) and non-tax-deductible contributions made to private foundations.

This includes:

501(c)(3) exempt private foundations,
4947(a)(1) nonexempt charitable trusts treated as a private foundation, and
501(c)(3) taxable private foundations.

2. When does a Private Foundation need to attach Schedule-B with Form 990-PF?

Private Foundations must attach a schedule B if they receive contributions of $5,000 or more from any one contributor during the tax year.

A contributor may include:

Individuals
Fiduciaries
Partnerships
Corporations

Associations
Trusts
Exempt organizations

Note: The private foundation should check the box on Part I, Analysis of Revenue and Expenses, Line 2 of Form 990-PF, if they aren’t required to attach Schedule B (no person contributed $5,000 or more).

3. What Contributions are Reported on Schedule B of Form 990-PF?

The following types of contributions are reported on Schedule B:

Contributions (Cash and Non-Cash)
Grants
Bequests
Devises
Gifts of money or property, whether or not for charitable purposes

4. How to Complete Form 990-PF Schedule B?

On the first page of the Schedule B, the private foundations should provide the following basic information.

Organization Name and Employer Identification Number (Needs to be mentioned at the top of each page)
Organization Type

Following that, there is a checkbox that says ‘Check if your organization is covered by the General Rule or a Special Rule’. Private foundations are covered by General Rule, so they can check it.

Part I - Contributors

The private foundations should provide details about the contributors who contributed more than $5000 in the tax year.

They should mention:

Name and address of the contributor - column b
Total contribution - column c
Type of contribution ( Person, payroll, noncash) - column d

Part II - NonCash Property

If the foundation has reported any NonCash type of contributions in the previous part (Contributors), they should provide more details about those noncash contributions in this part.

The details include:

Description of noncash property - column b
The foundation needs to provide details about the property received from the contributor.
Fair Market Value (FMV) - column c
Fair market value is the price of a property at which it would sell on the market when both the buying and selling parties are completely aware of the facts.
Date received - column d
The foundation needs to mention the date on which the property was received from the contributor.

Note: Private foundations can use additional copies of parts I and II if they require more space.

Part III - Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from a single contributor

This part is not applicable for private foundations.

Only the section 501(c)(7), (8), or (10) organizations that received contributions (gifts) exclusively for religious, charitable, etc., purposes should report that information in this part. To Learn More, Click here.

5. Looking for the Ideal Way to file your Form 990-PF with Schedule B?

ExpressTaxExempt, the best-in-class e-file provider, is here to provide you with the most efficient way to file your Form 990-PF.

Our Software not only provides clear instructions to e-file your Form 990-PF but also automatically generates Schedule B (if applicable) for free, based on the information you provided.
Our Internal audit check validates the information you enter and provides a way to correct it.
After completing the Form information, You can invite your organization board members to review your 990-PF before transmitting it to the IRS.
If the forms get rejected for any reason, our software guides you to fix the errors and retransmit the rejected returns for free.

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