What is Schedule B (Form 990)?
Schedule B, also known as the Schedule of Contributors, is an essential part of the Form 990 that nonprofit organizations must file. It details information about contributors who donated $5,000 or more, or who account for over 2% of the organization’s total contributions. This form plays a key role in helping the IRS detect fraud and promotes transparency regarding significant donors. By disclosing detailed information about major contributors, Schedule B fosters trust and accountability within the nonprofit sector.
What is Schedule B (Form 990) used for?
Schedule B (Form 990) is important for nonprofit organizations. It serves the following purposes:
- Report Contributions: Lists all contributions, grants, bequests, and gifts received.
- Disclose Large Donors: Identifies donors who gave more than $5,000 or over 2% of total donations.
- Provide Donor Information: Collects names, addresses, ZIP codes, and details of contributions made by donors.
How to fill out Schedule B (Form 990)?
- 1
Determine if your organization must file Form 990, 990-EZ, or 990-PF.
- 2
Check for contributions of $5,000 or more from any contributor.
- 3
Complete Part I with contributor details.
- 4
If needed, fill out Part II for noncash contributions.
- 5
Attach Schedule B to your main Form.
- 6
Ensure compliance with the public support test if you are a public charity.
Who is required to fill out Schedule B (Form 990)?
Nonprofit organizations, including those exempt from income tax, are responsible for completing Schedule B (Form 990). They must report contributions exceeding $5,000 or meeting specific thresholds.
Organizations filing Form 990, 990-EZ, or 990-PF use Schedule B to detail their contributors, ensuring transparency and compliance with IRS regulations.
When is Schedule B (Form 990) not required?
Schedule B (Form 990) isn't required for organizations in their first five years or those meeting the public support test in the prior year. Additionally, if your organization receives less than $5,000 from any single contributor or less than $1,000 for specific purposes, such as religious or charitable activities, you may not need to file Schedule B.
When is Schedule B (Form 990) due?
The deadline for Schedule B (Form 990) is the same as the annual return it accompanies. For most organizations, this is the 15th day of the fifth month after the end of their tax year. For example, if your tax year ends on December 31, the due date is May 15 of the following year.
How to get a blank Schedule B (Form 990)?
The Internal Revenue Service (IRS) issues the Schedule B (Schedule of Contributors, Form 990). On our platform, you can access a blank version of this form already loaded in our editor. Remember, PDF Guru aids in filling and downloading, but not filing forms.
Do you need to sign Schedule B (Form 990)?
No, you do not need to sign Schedule B (Form 990). While it is a required attachment to Form 990, 990-EZ, or 990-PF, it does not require a signature. However, it's always a good idea to check for the latest updates to ensure compliance. With PDF Guru, you can fill out the form, download it for your records, and take care of any other necessary steps outside of our platform.
Where to file Schedule B (Form 990)?
To submit Schedule B, attach it to your completed Form 990, 990-EZ, or 990-PF. Ensure everything is filled out accurately.
Once attached, mail the forms to the IRS. They will process your submission and make redacted versions public as required.
