Organizations filing Form 990, 990-EZ, or 990-PF may also be required to attach Form 990 Schedule B to their forms, depending on the information they reported (in accordance with IRS regulations).
Looking for more info on what exactly Schedule B is, and how to go about completing it? Read on for more information!
First Things First – What’s the Purpose of Form 990 Schedule B?
Form 990 Schedule B is used by nonprofit organizations (and private foundations) to report details regarding contributions received during the corresponding tax year.
In filing Schedule B, you’re providing the IRS with a detailed breakdown of contributions reported by the organization (and gaining some valuable transparency in the process).
Who is Required to File Form 990 Schedule B?
Organizations filing 990 Schedule B must meet either the “General Rule,” or one of the “Special Rules:”
General Rule
- Organizations filing Form 990, 990-EZ, or 990-PF that have received contributions of $5,000 or more from any one contributor during the tax year should complete Parts I & II.
Special Rules
- Section 501(c)(3) organizations filing Form 990-EZ or 990 that meet the 33 1⁄3% support test and have received $5,000 or 2% of the total contributions (whichever is greater) from any one contributor should complete Parts I & II.
- Section 501(c)(7), (8), or (10) organizations filing Form 990 or 990-EZ that have received contributions of more than $1,000 from any one contributor specifically for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children/animals, should complete Parts I, II, & III.
- Section 501(c)(7) or (10) organizations filing Form 990 or 990-EZ that have received contributions of less than $1,000 from any one contributor specifically for religious, charitable, or similar purposes should enter the amount and complete the parts only upon meeting the general rule.
How Do You Complete Schedule B?
Schedule B consists of 3 parts, each requiring detailed information regarding different types of contributions received:
- Part I – Contributors
- Part II – Noncash Property
- Part III – Exclusively religious, charitable, etc.
The requirements for completing these parts depend on which of the above-mentioned rules (General or Special) apply to your organization.
Part I – Contributors
- This section requires you to report details regarding contributors who gave $5,000 or more as contributions, grants, bequests, devises, and/or gifts of money/property to your organization. These details include:
- Name and Address
- Total Contributions
- Type of Contribution (Person, Payroll, Noncash)
- Organizations other than section 501(c)(3) organizations (including section 4947(a)(1) nonexempt charitable trusts and nonexempt private foundations described in section 6033(d)) and section 527 political organizations are not required to report the names/addresses of contributors, and can simply enter “N/A” instead.
Note: Contributors can be individuals, fiduciaries, partnerships, corporations, associations, trusts, exempt organizations, or governmental units.
Part II – Noncash Property
Part II requires you to report information regarding noncash properties received by your organization as contributions during the tax year. Details required in the part include:
- Description of Property
- Fair Market Value (FMV) of Property
- Date When Property Was Received
Part III – Exclusively Religious, Charitable, Etc., Contributions ≥ $1,000 from Any One Contributor to Organizations Described in Section 501(c)(7), (8), or (10)
Finally, Part III requires you to report contributions (greater than $1,000) received by your organization exclusively for religious, charitable, and/or other related purposes. Details required include:
- Purpose of Gift
- Use of Gift
- Description of How Gift is Held
- Transfer of Gift (if you have transferred the gift to another organization)
- Transferee’s name, address, and ZIP
- Relationship between transferor and transferee.
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