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Form 990-PF: Meeting IRS Demands for Fiscal, Grant, and Other Data From Private Foundations

Note: CLE credit is not offered on this program

Recording of a 110-minute CPE video webinar with Q&A

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Conducted on Tuesday, August 9, 2022

Recorded event now available

or call 1-800-926-7926

This course will prepare accounting and tax advisers for private foundations to handle all aspects of Form 990-PF compliance with a thorough review of the material requirements and instructions. The panel will discuss potential risk areas for tax professionals in preparing the return and advising clients on best practices for operating the foundation.


Tax professionals advising private foundations and non-exempt charitable trusts treated as private foundations must have current and comprehensive knowledge of the many tax rules unique to these types of exempt organizations.

The information return Form 990-PF requires extensive disclosure of donations, receipts, and expenses. It outlines several potential taxable situations, including prohibitions on self-dealing, taxes on undistributed income, and excess business holdings. These issues carry significant tax consequences to the foundation and potentially its insiders.

IRS rules require that private foundations make qualifying distributions of at least five percent of the fair market value of non-charitable assets and impose a steep excise tax on undistributed income. Knowing how to calculate the minimum distribution requirement is crucial in advising private foundation clients.

The private foundation rules also impose taxes on net investment income, taxable expenditures that do not meet the foundation's exempt purposes, and self-dealing transactions. Tax advisers must avoid transactions and events resulting in foundation-level taxes and understand how to report and remedy those transactions that may jeopardize the foundation's exempt status.

Listen as our authoritative panel of advisers reviews the material requirements under Form 990-PF and its instructions and better prepares you for future compliance.



  1. Form 990-PF
  2. Critical compliance challenges faced with Form 990-PF
    1. Calculation of net investment income
    2. Calculation of qualifying distributions
    3. Calculation of minimum distribution requirement
    4. Disclosing program activities (direct charitable activities, program-related investments, and grants)
  3. Operating foundations
  4. Best practices to avoid Chapter 42 penalty taxes
    1. Self-dealing
    2. Undistributed income
    3. Excess business holdings
    4. Jeopardizing investments
    5. Taxable expenditures
  5. Current developments - The ACE Act and DAFs


The panel will provide insights and guidance on these and other critical aspects of Form 990-PF:

  • What distributions are considered qualified distributions for the five percent test?
  • When is a private foundation required to remit estimated tax payments?
  • How is undistributed income tracked, and when should it be distributed?
  • How is Section 4940 net investment income tax calculated and reported for a private foundation?


Petermann, Christopher
Christopher D. Petermann

PKF O'Connor Davies

Mr. Petermann is a Partner of the Firm and serves as Co-Partner-in-Charge for the Private Foundation Practice. He has...  |  Read More

Blaney, Thomas
Thomas F. (Tom) Blaney, CPA, CFE

PKF O'Connor Davies

Mr. Blaney is a Partner of the Firm and Director of the Private Foundation Practice. He has spent more than 25 years...  |  Read More

Cook, Jake
Jake Cook, CPA

Nonprofit Tax Managing Director

Mr. Cook specializes in his firm’s tax-exempt practice and is part of his firm’s nonprofit industry team....  |  Read More

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CPE credit is not available on downloads.