The 990 Sch B, also known as Schedule B, is a crucial part of the Form 990, Return of Organization Exempt from Income Tax. It is used to report information about contributors to non-profit organizations. In this article, we will delve into the 990 Sch B instructions, exploring what it entails, who must file it, and the significance of accurate reporting.
What is Schedule B (Form 990 or 990-EZ)?
Schedule B is a schedule that must be filed by most organizations that file Form 990 or Form 990-EZ. It is used to report information about contributors who have given the organization $5,000 or more during the tax year. The schedule requires the organization to provide the name, address, and amount of the contribution for each contributor.
Who Must File Schedule B?
All organizations that file Form 990 or Form 990-EZ must file Schedule B, unless they certify that they do not meet the filing requirements. The instructions for Schedule B are combined with the schedule, and it is essential to review them carefully to ensure accurate reporting.
- Organizations that file Form 990 or Form 990-EZ must file Schedule B, unless they meet the exception.
- Section 527 political organizations that file Form 990 or Form 990-EZ must file Schedule B, and it is open to public inspection.
- Other organizations that file Form 990 or Form 990-EZ must file Schedule B, but the names and addresses of contributors are not publicly disclosed.
Accrual Basis of Accounting and Schedule B
If an organization uses the accrual basis of accounting for its Form 990, then Schedule B must also be prepared on an accrual basis. This means that certain promises to give should be reported in the tax year that the promise is made, rather than each year the cash is received from the promise.
Consequences of Not Filing Schedule B
Failure to file Schedule B or to check the box in item H of the Form 990-EZ will result in a determination that the return is incomplete. It is essential to ensure that Schedule B is accurately completed and filed to avoid any penalties or delays in processing the return.
Resources and Instructions
To access the Schedule B instructions and other resources, visit the official website or consult with a tax professional. The instructions provide detailed guidance on completing Schedule B, including examples and illustrations to help ensure accurate reporting.
Some key resources include:
- Form 990 Schedule B Instructions
- Form 990, 990-EZ, or 990-PF
- PrintFriendly: Schedule B 501c3 Contributors Form 990 Instructions
