The Form 990-PF can present quite a challenge for the average foundation manager. Not all have the time—not to mention the accounting background—to make sense of the Internal Revenue Service instructions. And even if you hire an accountant to complete the return, a foundation officer or trustee must still sign the form to attest to its accuracy.
Can you simply assume an accountant or fellow trustee will get it right? Unfortunately, no. Regulators estimate that at least 25% of all 990-PFs are filed with errors.
Foundation managers and their accountants can easily avoid many common errors if they know what to look for.Login to Read More