What type of contributions to be reported in Form 990-EZ?
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Last modified 9/5/2023 8:34:47 AM EST |
Here is the list of contributions that must be listed under Line 1, Part I, Revenue, Expenses, and Changes in Net Assets or Fund Balances of Form 990-EZ
- Contributions received from various fundraising events and activities. Dinners, door-to-door sales of merchandise, carnivals, and bingo games are some of the common examples of fundraising activities.
- Contributions received in the form of membership dues.
- Contributions received in the form of grants. Grants such received encourages the filing organizations to continue with their programs or activities.
- Contributions or grants received from governmental units
- Contributions received from other fundraising organizations. These contributions are made indirectly by the public through solicitation campaigns of federated fundraising agencies
- Contributions received from associated organizations. It includes the parent, subordinate, or any other organization with the same parent as the filing organization.
- Contributions received from commercial co-ventures. This type of contribution is generally received by allowing Donors or an individual to use the organization's name in a sales promotion campaign, such as where the outside organization agrees to contribute 2% of all sales proceeds to the filing organization.
Reporting contributions received with Tax 990's Interview-based Filing Style
- Log into your Tax 990 account.
- On the dashboard, click on the "Start Return" button.
- Select the "Form 990-EZ" option on the list of Federal returns.
- Enter your organization details and click "Next."
- On the "Organization Tax Year" page, select the year you want to file the information return. Once done, the subsequent steps will be to fill the actual parts of the form.
- Under the Revenue section, select "Start" for Contributions, Gifts, Grants and Similar Amounts Received.
- On the Contributions, Gifts & Grants page, report all the contributions and grants the organization received through fundraising or any other events.
- Now click Next and follow the subsequent steps as prompted.
- Review the details, Pay, and click the Transmit button to transmit your return to the IRS.
Reporting contributions received with Tax 990’s Form-based Filing Style
To report the contributions received by your organization using our form-based filing, please go to Part I, Revenue, Expenses, and Changes in Net Assets or Fund Balances. Then, in line 1, enter the Contributions, gifts, grants, and similar amounts received by your organization.