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Old 09-29-2015, 05:25 PM
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990 - Schedule B

If I have a 501(c)(3) and the General Rule is marked on Schedule B, does that mean I have to show all contributions greater than $5,000? Is there a way where I don't have too? There can be instances where there are more than 40 people who contributed more than $5,000.



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Old 09-29-2015, 11:14 PM
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If I have a 501(c)(3) and the General Rule is marked on Schedule B, does that mean I have to show all contributions greater than $5,000?======>$5K or MORE.It states that Unless the CHARITY is covered by one of the Special Rules, it must list in Part I every contributor who, during the year, gave the organization, directly or indirectly, money, securities, or any other type of property that total $5K or more for the organization's tax year.”
Is there a way where I don't have too? There can be instances where there are more than 40 people who contributed more than $5,000.========>>Not to show all contributions greater than $5K, your charity NEEDS to be covered by one of the special rules; to be covered by the special rule, For a 501(c)(3) charity meeting the 33.33% support test of the regulations under sections as medical research organization and not just the 10% support test as museums of history, art, or science, libraries, community centers whether or not the organization is otherwise described, list in Part I only those contributors whose contribution of $5Kor more during the tax year is greater than 2% of the amount reported on Form 990, Part VIII, line 1h.



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