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Year End Checklist

Year-End Checklist for Private Foundations

  1. 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 ďFiled in lieu of Form 199.)
  2. Quarterly estimated payments of tax on unrelated business taxable income are reported on Federal Form 990-W.
  3. 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.
  4. 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 membersí 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
  5. Annual report to members (if the private foundation has members, which is not required and which is not common)
  6. Secretary of State Form SI 100 (Statement of Information (Domestic Nonprofit Corporation) must be filed biennially.  (This may also be done online.)
  7. 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.
  8. Form RRF-1 must be filed with the Attorney Generalís Registrar of Charitable Trusts on or before the 15th day of 4th month after close of taxable year.
  9. Additional copy of Form 990-PF needs to be filed with the Attorney Generalís Registrar of Charitable Trusts on or before the 15th day of 4th month after close of taxable year.
  10.  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.)