What is Schedule I?
Schedule I from Form 990 is used by tax-exempt organizations to report grants and other assistance they provide to individuals, organizations, and governments. This form helps the IRS track how nonprofit organizations allocate their funds and ensures transparency in their financial activities. By completing Schedule I, organizations demonstrate accountability and provide important information about their charitable contributions, which can influence public trust and support. Understanding this form is crucial for nonprofits to maintain compliance with IRS regulations.
What is Schedule I (Form 990) used for?
Schedule I is used by tax-exempt organizations to report grants and assistance provided. It serves to:
- to report grants made to organizations.
- to disclose assistance to government entities.
- to detail aid given to individuals.
How to fill ou Schedule I?
- 1
Review the form instructions carefully to understand what information is required.
- 2
Identify the organizations, governments, or individuals receiving assistance.
- 3
Enter the names, addresses, and EINs of the recipients accurately.
- 4
Specify the type of assistance provided and the amount.
- 5
Double-check all entries for accuracy and completeness before finalizing.
- 6
Consult the IRS guidelines if any questions arise during completion.
Who is required to fill out Schedule I (Form 990)?
Organizations such as nonprofits and foundations complete Schedule I for reporting grants and assistance. This helps ensure transparency in funding.
Afterward, tax authorities and stakeholders review the form to assess compliance and funding impact.
When is Schedule I not required?
Schedule I (Form 990) isn't required for organizations that do not provide grants or assistance. If your organization only received grants or assistance and did not distribute any, you can skip this form.
Additionally, smaller organizations that fall below certain revenue thresholds may also be exempt from filing this schedule, provided they meet specific IRS criteria. Always check the latest IRS guidelines to confirm your eligibility.
When is Schedule I due?
The deadline for Schedule I from Form 990 is the 15th day of the 5th month after the end of your organization's fiscal year. For most organizations that operate on a calendar year, this means the due date is May 15.
If you need more time, you can apply for an extension, which gives you an additional six months. Just remember to file your main Form 990 by the original deadline, even if you are extending.
How to get a blank Schedule I?
To access a blank Schedule I, simply visit our platform. The form is pre-loaded in our editor, ready for you to fill out and download.
Alternatively, the Internal Revenue Service (IRS) offers Schedule I for direct download from their website.
Do you need to sign Schedule I?
Schedule I (Form 990) does not require a signature according to current IRS guidelines. However, it's always wise to confirm with the IRS for any recent updates.
Where to file Schedule I from Form 990?
Schedule I must be filed with the IRS alongside Form 990. It’s important to ensure accuracy to avoid delays.
You can submit Schedule I by mail or electronically through authorized e-file providers. Always check for the latest submission guidelines.
