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Form 990 (Schedule I) for Raleigh North Carolina: What You Should Know

Funds available from the sale of assets held by the organization. The organization is not required to provide a detailed description of the assets involved. A nonprofit organization's most frequently used form in calculating its tax liability is its Form 990, which is also known as the Form 990-EZ. A Form 990-EZ is a 1040 form that can be filed with the Department of Revenue electronically. The IRS and federal regulations require nonprofit organizations to provide information on grants and other assistance made by them during the tax year to individuals or families with a severe or profound disability. Grants or other assistance may consist of cash, property, or services provided by the organization to an eligible recipient that are considered an “interim or transitional need” by the recipient's family. Qualified individuals who have a serious health problem that may affect their daily living, their ability to work, or the ability to function independently are entitled to a reasonable level of assistance. The amount of money or other things of value that may reasonably be expected to be provided to an eligible recipient, and the nature of the funds or other things of value, must generally be limited to the extent that they are likely to be used to relieve financial or other restrictions imposed as a condition of receiving the benefits and to repay any past or prior assistance. An entity is considered a grantee only if the value of the services or goods provided by it is not more than what the entity otherwise would receive for providing the same service or good. For example, if a church offers assistance to elderly persons during a holiday season and its services consist of free food and supplies, it will be considered a grantee in determining whether it has exceeded its allowable aid. The IRS will not consider these services to be paid for by the church if the church's services involve the provision of goods and services other than “free food or other supplies.” If an organization provides more than one kind of assistance during a tax year, the IRS considers that assistance to be an aid to the grantee and may not count all the services provided by each service as an aid to the grantee.

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