Form 990 Schedule B (2019)

What Is Form 990 Schedule B?

Form 990 Schedule B, also known officially as Schedule of Contributors, is a supplementary document required for some tax-exempt organizations. These entities use it to detail the names of individuals, companies, or other organizations that have donated significantly to them. Typically, a contribution is deemed significant if it is over $5,000 or, for some organizations, if it sums to more than 2% of the total contributions received for the year in question.

Importance of accurate reporting

Accurate reporting on 2019 Form 990 EZ Schedule B is crucial. It allows the IRS to ensure that organizations are receiving legitimate contributions and that donors are making legitimate claims of their charitable giving on their personal tax returns. Discrepancies or inaccuracies might lead to audits or penalties, causing avoidable trouble for the organization.

How to Fill Out the 2019 Form 990 Schedule B

Filling out this Schedule can be straightforward once you know the specifics. Here are some form 990 Schedule B instructions 2019 to guide you through the process:

1. Enter the contributor's name, address, and ZIP code.
2. Report the total contributions received from each contributor, specifying the type of contribution (person, payroll, or noncash).
3. Complete Part II for noncash contributions.
4. Part II: Noncash Property; here, enter the corresponding number from Part I.
5. Provide a description of the noncash property given.
6. Report the FMV or estimate of the noncash property.
7. Specify the date the noncash property was received.
8. Part III: Exclusively Religious, Charitable, etc., Contributions; here, enter the corresponding number from Part I.
9. Describe the purpose of the gift.
10. Specify how the gift will be used.
11. Provide a description of how the gift is held.
12. If the gift was transferred, enter the transferee's name, address, and ZIP code, and the relationship of the transferor to the transferee.

Getting the help you need

Please remember, if you find yourself in a quandary about filling out Form 990 Schedule B for 2019, professional help is never a bad idea. Accountants and tax professionals who specialize in nonprofit organizations can provide invaluable assistance.

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