Annual Income tax return - Federal Form 990-PF.
Not a bad idea to become familiar with this form long before the due
date. Particular care should be given to Parts IX-A and IX-B. 990-PF is
due the 15th day of 5th month after close of taxable year; California
Form 199
is also due the 15th day of 5th month after close of taxable year. (FTB
accepts a copy of form 990-PF
attached to a completed page 1 of FTB Form 199;
the attached form 990-PF
should be marked “Filed in lieu of Form 199.)
Quarterly estimated payments of tax on unrelated business
taxable income are reported on Federal Form 990-W.
If the foundation received donations of property other than
money or publicly-traded securities of more than $5000 (for which
the foundation was required to sign a Form 8283
appraisal) and it sells this property within 2 years, the foundation
needs to file Form 8282 and
provide the donor with a copy of that return within 125 days of the
date of sale.
Must maintain the following records -
a. An up-to-date copy of organizational documents (articles and
bylaws) at principal place of business or at its website or at GuideStar website.
b. Application for Recognition of Exemption, supporting
documents, and IRS exemption letter at principal place of business or
at its website
c. Books and records of account
d. List of members’ names and addresses (if there are members,
which is rare for private foundations)
e. Minutes of meetings, waivers of notice of meetings, consents
to action being taken without meeting.
f. Forms
990-PF must be maintained for at least 3 years and made
available for public inspection at principal place of business or at
its website or at GuideStar
website
Annual report to members (if the private foundation has
members, which is not required and which is not common)
Secretary of State Form SI
100 (Statement of Information (Domestic Nonprofit Corporation)
must be filed biennially. (This may also be done online.)
If the private foundation has changed its agent for service of
process, the prior agent should file a resignation and the new agent should file a new Form SI
100 with the Secretary of State immediately.
Form
RRF-1 must be filed with the Attorney General’s Registrar of
Charitable Trusts on or before the 15th day of 4th month after close
of taxable year.
Additional copy of Form 990-PF
needs to be filed with the Attorney General’s Registrar of Charitable
Trusts on or before the 15th day of 4th month after close of
taxable year.
Be certain the foundation continues to meet the
"organizational test." (See IRS continuing professional
education memorandum, "Organizational
Test - IRC 501(c)(3)" by Elizabeth Ardoin.)
