Understanding IRS Form 990-PF

Webinar: ID# 1021523
Recorded CD
About This Course:
Form 990-PF is an integral tool used to provide information to both government agencies and the general public.

Using this form, private foundations are able to provide detailed information about their financial position and their operations to demonstrate they have been spending their funds in a way that is consistent with their charitable purpose.

This information will help you understand the tax technical issues and compliance process for private foundations, including calculating net investment income and the excise taxes applicable to private foundations, and avoiding common mistakes made when completing Form 990-PF.


Form 990-PF Purpose
Financial Information
  • Analysis of Revenues and Expenses (Part I and Part IV) –Accrual to Cash Adjustments and Other Presentational Items
  • Balance Sheet and Analysis of Fund Balance (Part II and Part III)- Understanding Tax vs. Book Basis Balance Sheets as Well as Required Supporting Schedules
Statements Regarding Activities and Compensation
  • General Information and Governance (Part VII-A) – Including the Attorney General and Other State Filing Considerations
  • IRC Section 4941 – Section 4945 Excise Taxes (Part VII-B) Including Examples of Self-Dealing, Excess Business Holdings and Taxable Expenditures
  • Compensation of Officers, Directors, Managers, Highest Paid Employees, and Highest Paid Independent Contractors (Part VIII) - Comparison to 990 Disclosures
Determining Required Distributions
  • Minimum Investment Return (Part X) – Discuss Blockage Discount and Other Items That May Impact MIR Calculation
  • Distributable Amount (Part XI) – Adjusting for Recoveries of Amounts Treated as Qualifying Distributions
  • Qualifying Distribution (Part XII) Considering Activities and Identifying Qualifying Distributions
Calculating Undistributed Income (Part XIII)
Determining Tax on Net Investment Income
  • Qualification for Reduced Tax Rate (Part V) – Discuss Impacting Factors for 1 v.2% Rate
  • Excise Tax (Part VI)
Private Operating Foundations (Part XIV)
Grants and Charitable Activities
  • Disclosures Required (Part XV)
  • Expenditure Responsibility
  • Recovery of Grant Payments
  • Direct Charitable Activities
  • Program Related Investments
Other Highlights and Hot Topics
About The Presenters

Kelli Archibald
  • Senior manager in Ernst & Young’s Exempt Organization Tax Services practice
  • 25 years of public accounting experience, with a focus on all types of private foundations
  • Assists clients with all aspects of private foundation tax planning - through start-up, through conversion to/from private foundation and public charity status, through issues or the avoidance of issues with regard to the private foundation excise taxes, and through the wind down of private foundations
  • Develops and presents many private foundation education programs, including in-house EY training, client conferences, and individual client training sessions, as well as industry events, conferences, and webcasts
  • Advises EY team that writes and releases private foundation and exempt organization tax alerts that provide guidance when private foundation news or tax law issues break
  • Certified Public Accountant, licensed to practice in Arizona
  • Member of American Institute of Certified Public Accountants and Arizona Society of CPAs
  • M.A. degree in accountancy – taxation, Brigham Young University; B.S. degree in accounting, Brigham Young University
Tricia Johnson NAME
  • Executive director in Ernst & Young’s Exempt Organization Tax Services practice
  • Career focus is on exempt organizations, including health care systems, health plans, higher education institutions, private foundations (both corporate and family) and general public charities
  • Relevant areas of expertise include: entity and activity structuring for tax-exemption; obtaining and maintaining exemption and serving as a liaison to the Cincinnati and National offices of the IRS; executive compensation structuring; Form 990 reporting; joint ventures and other related entities; private foundations, including grant procedures and related party transactions; and IRS controversy and examinations
  • Frequently speaks on tax-exempt issues, including both local and national events
  • Certified Public Accountant, licensed to practice in Ohio
  • Member of American Institute of Certified Public Accountants, Ohio Society of Certified Public Accountants, Healthcare Financial Management Association, and American Health Lawyers Association
  • B.S. degree, in accounting, Miami University
Jennifer Rhoderick
  • Senior manager in Ernst & Young’s Exempt Organization Tax Services practice
  • 25 years of public accounting experiences, with a specialization in private operating and nonoperating foundations, providing both compliance and advisory services
  • Guides clients through 1023 application process, evaluations of alternative investments for unrelated business income and foreign filing requirements, and reviews of private foundations’ policies and procedures to assess the risk of penalty excise taxes
  • Develops and presents many private foundation specific educational programs both for EY staff as well as private foundation clients
  • Co-leads EY’s Private Foundation team, which focusses on keeping up with regulatory changes and industry best practices
  • Certified Public Accountant, licensed to practice in Indiana
  • Member of American Institute of Certified Public Accountants and the Indiana CPA Society
  • M.P.A. degree, Indiana University; B.S. degree, in accounting, Butler University
Understanding IRS Form 990-PF
Available on CD format
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