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Form 990-SK: 990 (Schedule K)
IRS Form 990 (Schedule K) is supplemental information used to report outstanding tax-exempt bonds for organizations that answered 'Yes' on Form 990, Part IV, question 24a; these reports are required if the principal exceeds $100,000 as of year-end.
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IRS Form 990-SK - 990 (Schedule K)
IRS Form 990 (Schedule K) is supplemental information used to report outstanding tax-exempt bonds for organizations that answered 'Yes' on Form 990, Part IV, question 24a; these reports are required if the principal exceeds $100,000 as of year-end.
Risk Radar
Scan points- 1Failing to list a refunding bond issue (even if original bonds were pre-2003) when its principal exceeds $100k is critical.
- 2Omitting a bond issue because it is a refunding bond (even if original bonds were pre-2003).
- 3Failing to enter the CUSIP number on the bond with the latest maturity in Part I.
- 4Not ensuring the Issue Date in Column (d) matches Form 8038, Part I, line 7 exactly.
- 5Checking 'No' on Line 15 when bonds were issued after 2017 to refund taxable bonds.
Plain English
This form allows an organization to detail its specific outstanding tax-exempt bond issues. It serves as supplemental data attached to the main Form 990 return. The filing confirms details about bonds that meet certain size and issuance requirements for the reporting year.
Submission Date
- Filing date: 2025-01-15 22:10:37
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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What this form is for
- Use this form when the organization answered 'Yes' on Form 990, Part IV, question 24a, indicating it has reported an outstanding tax-exempt bond issue that was issued after December 31, 2002.
- Do not use this form if the organization did not answer 'Yes' to question 24a on Form 990, Part IV, or if none of the outstanding liabilities meet the specified criteria.
- Check Form 8038-T instead when reporting arbitrage rebate and related payments for bonds subject to section 148.
Form selector
Use this form or another form?
Bond proceeds are used in an unrelated trade or business
This determines if the issue qualifies as 'Private business use' under IRS rules.
✓ Check Part II, Line 3.
Organization has related entities (parent/subsidiary)
Only one related entity should report a specific liability on Form 990 and Schedule K to prevent double-counting.
✓ Check Instructions p.1.
Bond proceeds are used for loans to two or more conduit borrowers
This triggers the need to complete Schedule K (Form 990) if the issue is from this type of bond.
✓ Check Instructions p.2.
Deadline or filing window
The filing trigger is the organization's tax year end date. The schedule must be completed for each year the outstanding principal exceeds $100,000 as of that last day. The instructions do not specify an extension window for Schedule K (Form 990) itself.
Checklist
What you need before filling it out
Part I: Issuer Name
The name of the organization issuing the bond · Form 990 (Schedule K) Part I
Part II, Line 3: Total proceeds of issue
The total sale proceeds of the tax-exempt bond issue · Form 990 (Schedule K) Part II
Private business use criteria
More than 5% of principal/interest payment secured by private business use payments/property · Instructions p.4
Bond issue requirement
Issued after December 31, 2002 · Instructions p.1
Rebate filing status
Whether Form 8038-T has been filed for the most recent due date · Instructions p.5
Before you submit
- 1Ensure all liabilities reported are outstanding principal amounts in excess of $100,000 as of the last day of the tax year.
- 2Verify that at least one bond issue was issued after December 31, 2002.
- 3Confirm that no more than four separate outstanding tax-exempt liabilities are reported on a single Schedule K (Form 990) before duplicating the form.
- 4Check Part VI if assumptions were used to complete Schedule K (Form 990) because records were not fully supported.
- 5If related organizations exist, confirm that only one entity reports the liability for each specific bond issue.
- 6Review Part II, Line 1 and 2 to ensure you have accounted for both retired and legally defeased amounts.
- 7Confirm proper identification of the issuer's EIN (Part I, Line b) matches Form 990.
How to file this form
- 1Complete Part I by listing the Issuer Name, EIN, CUSIP #, Date issued, and Issue price for each bond liability.
- 2Fill out Part II by detailing the Amount of bonds retired (Line 1), legally defeased amounts (Line 2), and Total proceeds of issue (Line 3) for each listed bond.
- 3Review Part VI to describe any assumptions used or provide additional comments regarding related organization liabilities.
- 4Sign and date the form, keeping a copy for your records, before mailing it with Form 990.
Known limitations
- 1The organization must have reported an outstanding tax-exempt bond issue that was issued after December 31, 2002.
- 2Up to four separate outstanding tax-exempt liabilities can be reported on each Schedule K (Form 990) before duplicating the form.
- 3If a bond is issued after December 31, 2002, to refund bonds originally issued before January 1, 2003, the organization need not complete lines 1 through 9 of Part III for that specific issue.
Field map
Compact field-by-field guide
Organization Info
2 items
Legal name of the tax-exempt organization and its EIN.
Current mailing address and website URL if applicable.
Revenue
1 items
Sum of all revenue including contributions, program service revenue, investment income, and other revenue.
Expenses
1 items
Sum of all expenses including program services, management, and fundraising.
Assets
1 items
Total assets minus total liabilities at end of the reporting period.
Compliance
1 items
Certification of continued compliance with tax-exempt requirements.
Signatures
1 items
An authorized officer of the organization must sign.
Almost done reviewing the fields?
Fillable formOpen in Editor->The current edition is December 2024, and this form and instructions have been converted from an annual revision to continuous use; future updates will occur as needed.
What changed or needs a fresh check
- Edition date — confirm the revision date reads December 2024.
- Purpose — verify the form's purpose is Supplemental Information on Tax-Exempt Bonds.
- Filer requirement — ensure you answered 'Yes' to Form 990, Part IV, question 24a.
- Liability limit — confirm at least one outstanding liability exceeds $100,000 as of the last day of the tax year.
Quick Facts
Downloads
After you file
- 1Keep a copy of the completed Schedule K (Form 990) for records.
- 2The schedule must be attached to Form 990 when filing.
- 3Part VI can be used to provide additional comments or describe assumptions not fully supported by existing records, identifying the specific part and line number each comment supports.
- 4The organization should check that the revision date on the form reads December 2024.
Sources
- SRCInstructions p.1 — An organization must complete and attach Schedule K (Form 990) if it answered “Yes” on Form 990, Part IV, question 24a.
- SRCInstructions p.1 — The reporting is required for an outstanding tax-exempt bond issue that had a principal amount in excess of $100,000 as of the last day of the tax year AND was issued after December 31, 2002.
- SRCInstructions p.1 — Up to four separate outstanding tax-exempt liabilities can be reported on each Schedule K (Form 990).
- SRCInstructions p.2 — A current refunding issue is one issued not more than 90 days before the last expenditure of any proceeds for payment of principal or interest on the prior issue.
- SRCInstructions p.3 — An 'on behalf of issuer' bond means the organization’s obligations are considered those of a state or local governmental unit.
- SRCForm p.1 — Schedule K (Form 990) must be attached to Form 990 and includes Part VI for additional information/comments.
Common confusion points
Should I fill out Part III for a refunding bond issue?
This depends on when the original bonds were issued. If the original bonds were pre-2003, you usually don't need to complete lines 1 through 9 of Part III for the refunding bond issue itself.
→ Check if the bond being reported is a refunding issue and confirm its relation to pre-2003 bonds.
When do I know I must file Schedule K (Form 990)?
If the organization answered 'Yes' on Form 990, Part IV, question 24a, AND the outstanding principal is over $100,000 as of year-end.
→ Verify both criteria: Part IV, Q 24a = Yes, and Principal > $100k.
What is a 'current refunding issue'?
It is a refunding issue issued within 90 days before the last expenditure of any proceeds from that issue to pay principal or interest on the prior bond issue.
→ Compare the issue date against the final expenditure date for the related bonds.
When do I need to duplicate Schedule K (Form 990)?
If the organization has more than four separate outstanding tax-exempt liabilities to report.
→ Count the distinct liabilities and see if you exceed four entries on a single form.
What is an 'on behalf of issuer' bond?
It means the nonprofit corporation's obligations are considered the obligation of a state or local governmental unit (as described in Rev. Proc. 82-26).
→ Check Part I, line h to see if this box applies to the specific bond issue.
Do all bonds need Part III information?
No. For refunding bonds issued after December 31, 2002, that are refunding pre-2003 bonds, lines 1 through 9 of Part III may not be necessary.
Workflow map
Related forms and next steps
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⚠ If something goes wrong
- IRS.gov/Form990 — Go here for the latest information regarding Schedule K (Form 990) developments.
Questions about IRS Form 990-SK
What is IRS Form 990-SK used for?
This form allows an organization to detail its specific outstanding tax-exempt bond issues. It serves as supplemental data attached to the main Form 990 return. The filing confirms details about bonds that meet certain size and issuance requirements for the reporting year.
Who must file IRS Form 990-SK?
An organization must complete and attach Schedule K (Form 990) if it reported an outstanding tax-exempt bond issue on Form 990, Part IV, question 24a.
What information does IRS Form 990-SK require?
The form collects details in Part I for each bond issue, including the CUSIP number. It also gathers information on refunding status in Line 15 and final allocation confirmation in Parts II, III, and IV.
When is IRS Form 990-SK due?
The schedule must be completed annually to report outstanding tax-exempt liabilities as of the last day of the organization's tax year.
Where do I file IRS Form 990-SK?
The instructions do not specify a mailing address for Schedule K (Form 990), but it is attached to Form 990, which should be filed according to general IRS routing rules.
How do I complete IRS Form 990-SK?
First, an organization must identify all outstanding bonds exceeding $100,000. Then, it completes Part I for each issue, ensuring the latest maturity CUSIP is entered. Finally, the filer checks boxes on Lines 15 and 16 before completing Parts II, III, and IV.
What happens if IRS Form 990-SK is filed incorrectly?
While specific penalties are not listed in the source excerpt, failing to complete and attach Schedule K when required means omitting necessary documentation supporting the organization's tax-exempt status.
Should I fill out Part III for a refunding bond issue?
This depends on when the original bonds were issued. If the original bonds were pre-2003, you usually don't need to complete lines 1 through 9 of Part III for the refunding bond issue itself. Check if the bond being reported is a refunding issue and confirm its relation to pre-2003 bonds.
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