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Form 990 Schedule B

Introduction

Form 990 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.

Table of Contents

  • Schedule B filing Requirements
    • Part I - Contributors
    • Part II - NonCash Property
    • 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

What is Form 990 Schedule B?

Schedule B, Schedule of Contributors is a supplementary schedule filed annually by tax-exempt organizations and private foundations 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 organization 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.

Complete your Schedule B filing requirements and e-file your Form 990-EZ with TaxZerone. It's simple and easy!

E-file Form 990-EZ

Schedule B filing Requirements

All Section 501(c)(3) and Section 527 organizations that file Form 990-EZ must complete and attach Schedule B along with their 990-EZ 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 990-EZ filing experience.

By filing with us, you get instant updates on your 990-EZ 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 990-EZ return with Schedule B attachment is transmitted to the IRS in 3 simple steps!

  1. Provide Organization Details - Choose the tax year for which you want to file a return, and provide your organization's 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 990-EZ return to the IRS and get the acceptance in just a few hours.

In case of IRS rejection for your Form 990-EZ, worry not! TaxZerone has your back. We offer a hassle-free correction and retransmission process, absolutely free of charge!

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E-file Form 990-EZ

Commonly Asked Questions

Schedule B plays a crucial role in maintaining transparency and accountability. It provides the IRS and the public with detailed information about significant contributions, fostering trust and integrity within the nonprofit sector.

For each donor contributing $5,000 or more, organizations must disclose the following information.

  • Name and address of the contributor
  • Total contribution
  • Type of contribution

Yes. Schedule B is open to public inspection for an organization that files Form 990-PF and for a Section 527 political organization that files Form 990 or 990-EZ.

However, don't include the social security numbers of contributors as this information may be made public.