Form 990 Schedule B

Introduction

Schedule B is necessary for organizations striving to maintain transparency and compliance with the IRS. It is generally filed by tax-exempt organizations and Private foundations to report contributions they received.

In this resource article, we help understand Schedule B by clarifying who must file, the filing requirements, and addressing commonly asked questions.

What is Schedule B?

Schedule B, Schedule of Contributors is a supplementary schedule filed annually by tax-exempt organizations (Form 990/990-EZ) and private foundations (Form 990-PF) for reporting significant contributions received by the organization during the tax year.

It contains detailed information about donors who contribute $5,000 or more during the reporting period, including their names, addresses, and contribution amounts.

Who must file Schedule B?

Not all tax-exempt organizations are mandated to file Schedule B. However, those falling under section 501(c)(3) of the Internal Revenue Code, encompassing charitable, educational, and religious organizations, must adhere to this requirement.

If your exempt organization or private foundation receives substantial contributions meeting or exceeding the $5,000 threshold from a single donor, Schedule B becomes a necessary filing obligation. You must be attached along with your information return.

Schedule B filing Requirements

All Section 501(c)(3) and Section 527 organizations that file Form 990/990-EZ or Form 990-PF must complete and attach Schedule B along with their information return.

Below, we have provided Schedule B filing requirements for each part.

Part I - Contributors

To complete this section, organizations should provide details about the contributors who contributed more than $5000 in the tax year.

It includes providing the following details

• Name and address of the contributor
• Total contribution
• Type of contribution (Person, payroll, noncash)

Part II - NonCash Property

If the organization reported any NonCash type of contributions in Part I (Contributors), they should provide more details about those non-cash contributions in this part.

The details include:

• Description of noncash property, which are the details about the property received from the contributor.
• Fair Market Value (FMV)
• Date received - the date on which the property was received from the contributor.

Part III - Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from a single contributor

Only Section 501(c)(7), (8), or (10) organizations that received contributions (gifts) exclusively for religious, charitable, etc., purposes should report that information in this part.

Choose TaxZerone to complete your Schedule B filing

TaxZerone is an IRS-authorized e-file service provider, offering more than just a seamless filing experience.

By filing with us, you get instant updates on your return's filing status, ensuring you're always in the loop.
At TaxZerone, we've designed a user-friendly platform that not only simplifies the e-filing process but also provides comprehensive support at every step.

Here's how your Form 990/990-EZ or Form 990-PF return with Schedule B attachment is transmitted to the IRS in 3 simple steps!

1. Provide Organization/Foundation Details - Choose the tax year for which you want to file a return, and provide the required details.
2. Preview the Return - Complete Schedule B and preview the information provided in the return for accuracy before transmitting.
3. Transmit to the IRS - Transmit Schedule B along with your Form 990/990-EZ or Form 990-PF return to the IRS and get the acceptance in just a few hours.

In case of IRS rejection for your information return, worry not! TaxZerone has your back. We offer a hassle-free correction and retransmission process, absolutely free of charge!