Printable Form 990 (Schedule O) Louisville Kentucky 2024-2025

Printable Form 990 (Schedule O) Louisville Kentucky: What You Should Know

A) — A charity is required to report its gross receipts, gross receipts as a percent of its total revenue, and charitable expenses as a percent of net revenue. (b) Gross receipts as a percent of total revenue means the amount that a charity received from all sources. Gross receipts must be determined on the basis of the total number of transactions in which the charity received gross receipts, in each case as reported by the charity. The amount of gross receipts received from unrelated sources including, but not limited to, government grants, charity sales, or charity collections of donations to such unrelated third parties is not included. 9040 (b) — A charity is required to report its gross receipts, except as otherwise provided, as a percent of gross revenue. For the purposes of the charitable expense deduction allowable under section 170(b)(1), gross receipts are the amount of gross revenues received and disbursed. However, gross receipts are not required to be disbursed if the charitable organization has a reasonable expectation that the receipts will be used for the payment or distribution of any tax liability. Gross receipts are also not required to be disbursed if the gross receipts of the charity include the services of certain independent contractors. 6025 (a) — A charitable organization may use amounts received from the sale of certain goods or equipment for charitable programs, including, for example, research, scholarships, community service, and the furnishing of supplies. 6025 (b)(1) — A charitable organization may not use amounts received from the sale of the following goods and equipment in the aggregate more than 75 percent of the amounts received for the purpose of providing qualified assistance under section 501(c)(3) of the Internal Revenue Code and other similar tax-related benefits: furniture, kitchen and bathroom equipment, computer hardware, computers, computers and hardware, telephone and communication service, travel and transportation, athletic equipment, school supplies, and athletic equipment and supplies.

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