Form 990-PF Schedule B Checklist for Tax Year 2020
Overview and Filing Requirements
Form 990-PF is the annual return filed by private foundations to report financial activities and compliance with federal tax requirements. Schedule B is a critical attachment that details information about contributors who meet specific reporting thresholds. Private foundations filing Form 990-PF are section 501(c)(3) exempt organizations or section 4947(a)(1) nonexempt charitable trusts treated as private foundations.
For 2020, stimulus reconciliation provisions, ACA shared responsibility payments, and unemployment exclusion provisions do not apply to Form 990-PF filers. Private foundations operate under consistent excise tax and distribution requirements that remained unchanged for 2020.
Critical Confidentiality Rule
Schedule B attached to Form 990-PF is not open to public inspection. While Form 990-PF itself is publicly available, contributor names and addresses reported on Schedule B are specifically exempt from public disclosure under the Internal Revenue Code. This confidentiality protection applies only to private foundations. It distinguishes them from section 527 political organizations, which must make Schedule B publicly available and generally file Form 990 or Form 990-EZ rather than Form 990-PF.
Schedule B Reporting Threshold
Private foundations must complete and attach Schedule B if they received contributions totaling $5,000 or more from any single contributor during 2020. This threshold applies to aggregate contributions whether made in cash, by check, through electronic transfer, or as noncash property. If a contributor made multiple gifts that collectively equal or exceed $5,000, Schedule B reporting is required. There are no general exceptions that would exempt contributors who gave $5,000 or more from reporting.
Gathering Documentation
Foundations must gather comprehensive documentation of all contributions received during 2020, including the names of contributors, complete mailing addresses with ZIP codes, dates of contribution, and detailed descriptions of both cash and non-cash property. When calculating the $5,000 threshold, include the fair market value of noncash property gifts reported on Form 990-PF Part I, line 1.
Accounting Method Consistency
The accounting method used for Schedule B must match the method declared in the header section of Form 990-PF on page 1. The foundation indicates whether it uses cash, accrual, or another method in this header section. If the foundation is using accrual accounting and is reporting a pledge of noncash property in Part I, line 1, it must include the value of the pledged property when calculating the $5,000 threshold.
Completing Schedule B Part I
Part I requires detailed information for each contributor who gave $5,000 or more.
In column (a), assign each contributor a sequential number.
In column (b), enter the contributor’s full legal name, complete mailing address, and ZIP code.
Column (c) requires the total aggregate contribution amount for each contributor.
Column (d) requires classification of the donation as one or more of the following:
- Person for direct contributions, including cash, check, credit card, or electronic transfer
- Payroll if an employer forwarded employee contributions
- Noncash for property contributions
Check all types that apply.
Completing Schedule B Part II for Noncash Contributions
For each contributor who made noncash property contributions, complete Part II.
Column (a) requires the contributor number from Part I.
Column (b) requires a detailed property description specific enough to identify the property type. For marketable securities, include the security name, the number of shares, and the type. For real property, include the address and type.
Column (c) requires fair market value on the contribution date. According to Treasury Regulations, the average of the highest and lowest quoted selling prices on the contribution date should be used for marketable securities. When property is subject to outstanding debt, subtract the debt amount from the fair market value and report the net amount, documenting this calculation in column (b).
Column (d) requires the date the foundation received the property.
Qualified Conservation Contributions
If the foundation received qualified conservation contributions or conservation easements during 2020, report these consistently across all foundation documents. The value on Schedule B Part II must match the value in the foundation’s books, financial records, financial statements, and Form 990-PF Part I, which contains the Analysis of Revenue and Expenses. Consistency in valuation is critical for these specialized contributions.
Certifying Filing Status
Form 990-PF Part I, line 2 requires the foundation to indicate whether Schedule B is attached. Check “Yes” if Schedule B is required and attached. If no contributors meet the $5,000 threshold, select “No” to show Schedule B is unnecessary. Do not omit Schedule B without checking “No” on line 2.
Privacy and Security
Although Schedule B is confidential and not subject to public disclosure, it must be prepared accurately for IRS review. Do not include Social Security Numbers of contributors. The schedule should contain only the following information: contributor names, addresses, ZIP codes, contribution amounts, types, and details regarding noncash property. Maintain secure records and treat contributor information with appropriate confidentiality.
Assembly and Filing
If Schedule B contains multiple pages, number each page consecutively. Attach the completed Schedule B to Form 990-PF. An authorized representative must sign and date Form 990-PF in the signature block, including their title. File according to IRS Where to File guidance for Form 990-PF for 2020.
Ten-Step Process
Step 1:
Determine if Schedule B is required by identifying contributors who gave $5,000 or more in aggregate during the 2020 tax year.
Step 2:
Collect full legal names, complete mailing addresses, and ZIP codes for each reportable contributor.
Step 3:
Classify contribution types in Part I, column (d) by checking Person, Payroll, or Noncash as applicable.
Step 4:
Complete Part II for noncash contributions, including the contributor number, property description, fair market value, and date received.
Step 5:
Report qualified conservation contributions consistently across all foundation records and Form 990-PF Part I.
Step 6:
Account for property subject to debt by subtracting the debt from the fair market value and documenting this in the property description.
Step 7:
Use the accounting method declared in the Form 990-PF header section consistently throughout Schedule B.
Step 8:
Certify the Schedule B filing status on Part I, line 2 by checking “Yes” or “No” appropriately.
Step 9:
Protect contributor privacy by understanding that Schedule B is confidential for private foundations. Do not include Social Security Numbers.
Step 10:
Number pages consecutively if multiple pages are needed, attach Schedule B to Form 990-PF, obtain signatures, and file per IRS instructions.
Form Updates for 2020
No material line redesigns or section eliminations occurred in 2020. The instructions reinforced that qualified conservation contributions and conservation easements must be reported on Schedule B, Part II, with values consistent across books, financial records, and Form 990-PF Part I, thereby strengthening existing valuation consistency rules without restructuring the form.
This checklist ensures that private foundations accurately complete Schedule B for tax year 2020, while maintaining compliance and protecting contributor confidentiality, as provided under federal tax law.
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This checklist is for educational purposes only and does not constitute tax or legal advice. Always review official IRS instructions and consult a qualified professional for guidance.
