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Schedule K (Form 990)

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Schedule K is used by organizations to provide certain information on their outstanding liabilities associated with tax-exempt bonds.

Who must file Schedule K?

Any organization that reported an outstanding tax-exempt bond issued that:

  • Had an outstanding principal amount in excess of $100,00 as of the last day of the tax year, and
  • Was issued after December 2002. Up to four separate outstanding tax-exempt liabilities can be reported on each Schedule K.

Activities Outside the United States

All organizations must report on activites outside of the United States and must denote on the 990 revenues or expenses more than $10,00 or if the organization has foreign investments that are valued at $100,000 or more.

What is the conditions for filing Schedule K?

The requirements generally applicable to qualified 501(c)(3) bond under section 145 must include the following:

  • All property financed by the bond issue is to be owned by a section 501(c)(3) organization or a state or local governmental unit; and
  • At least 95% of the net proceeds of the bond issue are used by either a state or local governmental unit or a section 401(c)(3) organization in activities which do not constitute unrelated trades or businesses.

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