Who must file Schedule B?
- Answering “No” on Form 990, Part IV, Line 2
- Checking the box on Form 990-EZ, Line H
Checking the box on Form 990-PF, Part I, Line 2
What is the general rule?
Unless one of the Special Rules applies to an organization, it must list every contributor in Part I who gave the organization - directly or indirectly - money, securities, or any other type of property that total $5,000 or more for the organization's filing tax year.
What are special rules?
What is considered a contribution?
Contributions are donations, grants, bequests, devises, and gifts of money or property, whether or not for charitable purposes. Any individual who contributes to a tax-exempt organization is considered a contributor.
What is noncash property?
Noncash property is gained through contributions of anything but money. These contributions require an explanation as well.
What are exclusively religious, charitable contributions?
A religious, charitable contribution means a contribution or gift to or for the use of a corporation, trust, or community chest, fund, or foundation organized and operated exclusively for religious and charitable purposes.
Schedule B: Section Information
Section 4947(a)(1) nonexempt charitable trust not treated as a private foundation
Charitable trusts which fall under this section are treated as section 501(c)(3) organizations for the purposes of deductible contributions.
Section 527 Political Organizations
Section 527 defines political organizations, meaning a party, committee, association, fund, or other organization (whether or not incorporated) organized and operated primarily for the purpose of directly or indirectly accepting contributions or making expenditures, or both, for an exempt
A section 170(b)(1)(A)(iv) is an organization formed for the principal purpose of engaging primarily in the conduct of medical research. An organization will normally be considered to be formed for this reason if it is expressly organized for the purpose of conducting medical research and is actually engaged function. primarily in the conduct of medical research.
Section 501(c)(7), (8), and (10)
Section 501(c)(7) pertains to social clubs. To be exempt, a social club must meet the follow requirements:
- The club must be organized for exempt purposes.
- Substantially all of its activities must further exempt purposes.
- The club must provide an opportunity for personal contact among members, and membership must be limited.
- The club must be supported by membership fees, dues, and assessments.
- The organization's net earnings may not inue to the benefit of any person having a personal and private interest in its activities.
- The club's governing instrument may not contain a provision that provides for discrimination against any person on the basis of race, color, or religion.
- The club may not hold itself out as providing goods and services to the general public.
Section 501(c)(8) defines what actions a fraternal beneficiary society must take to be tax-exempt. These actions are as follows:
- Must have a fraternal purpose
- Must operate under the lodge system
- Must provide for the payment of life, sick, accident, or other benefits
Organizations listed under section 501(c)(10) are considered Domestic Fraternal Societies. These organizations, in order to remain tax-exempt, must:
- Be organized in the US
- Operate under the lodge system
- Devote its net earnings exclusively to religious, charitable, scientific, literary, educational, and fraternal purposes
- Do not provide for the payment of life, sick, accident, or other benefits to its members
501(c)(3) exempt private foundation
A domestic or foreign organization exempt from income tax under 501(a) described in section 501(c)(3); however, it is different than organizations described in sections 509(a)(1) through (4) such as churches, schools, publicly supported organizations, etc.
4947(a)(1) nonexempt charitable trust treated as a private foundation
A trust that isn't exempt from tax under section 501(a), has unexpired interests devoted to religious, charitable, or other purposes described in section 170(c)(2)(B), and charitable deductions that are allowed under section 4947(a)(1).
501(c)(3) taxable private foundation
An organization that previously was recognized as being exempt, but has lost that recognition. Though it may operate as a taxable entity, it will continue to be treated as a private foundation until that status is terminated.
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