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Adjusted net income on Form 990-PF

  • Information appears in column C for the calculation of Adjusted Net Income based on the type of private foundation indicated on the
    990PF
     screen. The application defaults to calculating the return as a private operating foundation if you make no entry in
    Type of private foundation
     on the
    990PF
     screen.
    • Enter
      1
       to indicate that this is a non-operating private foundation with no charitable activity income
    • Enter
      2
       for a non-operating private foundation with charitable activity income.
  • If the organization is classified as a private operating foundation under section 4942(j)(3) or (5), the application completes the lines of column C.
  • If the organization is a non-operating private foundation with no charitable activity income (code 1), the adjusted net income calculation is not needed and column C remains blank.
  • If the organization is a non-operating private foundation with charitable activity income (code 2), a modified adjusted net income calculation is needed. The application completes only revenue lines 10 and 11 and the related expenses. The balance of column C isn't completed.
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