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Video instructions and help with filling out and completing Form 990-PF
Private foundations are a unique class of 501c3 organization so unique in fact that they have their own exclusive version of IRS Form 990 call the form 990-pf hi I'm Greg McCray CEO a foundation group and in this video we're going to examine just what makes IRS Form 990 PF so different from its counterparts well like a lot of the other form 990s that we've talked about the 990-pf requires details about expenses and revenue by category but because this is for private foundations only these disclosures are really more concerning things that are in line with private foundations which is different than what you would typically see with public charities so from a financial standpoint what you see is you see a lot of focus on things like investments endowments earnings and capital gains so it's a little bit different than the typical donation or program service revenue type disclosures that you see with a public charity now people still donate to private foundations so it's not like that information it's not there but what you do see is a disproportionate share of attention paid to things revolving around endowments or investments you also see something called a calculation of an excise tax on capital gains or investment earnings that's also something that small excise tax is something that you do not see public charities pay something else that is unique about private foundations and 990-pf is disclosure revolving around disqualified persons now this qualified person is someone the IRS considers to be an insider such as a board member a key employee may be a large contributor or family member of the same these people can usually easily be paid as an employee of a public charity assuming that the right arm's length transactions are in place to get that person hired in a private foundation because you often have such a related board it's not so easy it's able to be done but it's got to be done for what the IRS calls personal services and personal services are kind of MIS named in my opinion they really are more along the lines of professional services such as accounting investment advising and so forth maybe legal fees are illegal services but the IRS requires that to be both reasonable and pay so not a large compensation amount there but also necessary for the function of the organization in other words if the insider wasn't being paid to do it somebody else would be and getting those type situations wrong can result in some serious penalties and fines for the nonprofit if they are found to be paying people paying insiders in particular that they should not be paying and this is something this type of disclosure is very unique to the form 990-pf compared to the other form 990 S something else that is quite a differentiation between a public charity and a private foundation is the requirement that a private foundation distribute 5