Form 990-PF is the Internal Revenue Service (IRS) form used by certain private foundations to report their financial information. It is used to report the foundation’s income, expenses, assets, liabilities, and activities. 

It is also used to show whether the foundation is meeting its charitable purpose. Form 990-PF must be completed and filed with the IRS each year. It is important for organizations to understand and comply with the filing requirements of Form 990-PF in order to maintain their tax-exempt status. If you want to learn more about form 990-PF, then you can checkout companies like CPA KPA.

What Information Is Reported on Form 990-PF?

Form 990-PF requires private foundations to report a variety of information, including:

• Financial information, such as income, expenses, assets, and liabilities

• Information about activities and programs

• Information about grants and contributions to other organizations

• Information about investments, endowments, and other activities

In addition, Form 990-PF requires private foundations to provide details about the organization’s governance and management, including information about its board of directors, officers, and key employees.

What Are the Penalties for Not Filing Form 990-PF?

Private foundations that fail to file Form 990-PF may be subject to penalties. For example, the IRS may assess an initial penalty of up to $20,000, plus an additional penalty of up to $10,000 for each 30-day period the form is late. In addition, the IRS may revoke the foundation’s tax-exempt status.