How do I report Contributions, gifts, and grants paid in 990-PF?
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Last modified 12/27/2023 12:40:22 AM EST |
There are 5 components to the Contributions, Gifts & Grants section, namely
- Revenue and Contributions from Fundraising Events.
- Contributions, Gifts, Grants, and Similar Amounts Received $5,000 or more.
- Contributions, Gifts, Grants, and Similar Amounts Received less than $5,000.
- Contributions, Gifts, Grants, and Similar Amounts Received from Disqualified Person.
- Contributions, Gifts, Grants, and Similar Amounts Received from Commercial Co-Venture
Revenue and Contributions from Fundraising Events:
In the section Revenue and Contributions from Fundraising Events under Contributions, Gifts & Grants, you enter the gross income and the contribution received from the event. If the contributions were in any other means other than cash, enter the Fair Market Value (FMV).
Contributions, Gifts, Grants, and Similar Amounts Received $5,000 or more:
To fill Contributions, Gifts, Grants, and Similar Amounts $5,000 or more you receive, provide the contributor's name, the nature of the contributor (individual, associated organization, and etc.,) and specify the type of contributions- cash or noncash. If it's a noncash contribution, you need to choose the type of property contributed and its equivalent FMV (Fair Market Value).
You can add contributions in two ways:
- Add each Contribution Individually.
- Bulk Upload the Contributions using the bulk upload option (the preferred option if you have received multiple contributions during the year).
Contributions, Gifts, Grants, and Similar Amounts Received from Disqualified Person:
To fill Contributions, Gifts, Grants, and Similar Amounts Received from Disqualified Person, you'll need to provide the name of the disqualified person and tell if the grant received was in the form of cash or noncash. If it's noncash, you need to choose the type of property contributed and its equivalent FMV (Fair Market Value).
Contributions, Gifts, Grants, and Similar Amounts Received from Commercial Co-Venture:
To fill Contributions, Gifts, and Grants received from Commercial Co-Ventures, you'll need to provide the name of the disqualified person, and tell if the grant received was in the form of cash or noncash. If it's noncash, you need to choose the type of property contributed, and its equivalent FMV (Fair Market Value).