Schedule K (Form 990) (Rev December 2024) Supplemental Information on Tax-Exempt Bonds-2025

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Schedule K (Form 990) is a supplemental form required by the IRS for organizations that have issued tax-exempt bonds. It collects detailed information about bond issues, proceeds, private business use, arbitrage compliance, and corrective action procedures. Organizations must provide specific data regarding bond issuance, usage of proceeds, and any private business involvement to ensure compliance with federal tax regulations.

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What organizations can issue bonds?

Bonds are issued by many different entities, from the U.S. government, cities and corporations to international bodies. Some bonds, such as mortgage-backed securities (MBSs), can be issued by financial institutions.

Can a church issue tax-exempt bonds?

Tax-Exempt Bonds for Religious Organizations A nonprofit organization qualified under Section 501(c)(3) of the Internal Revenue Code may use tax-exempt bond financing for any capital assets that it acquires and uses for its charitable or educational purposes, provided that the transaction is structured properly.

Can nonprofits issue tax-exempt bonds?

Tax-exempt 501(c)(3) Bonds may be issued for most facilities utilized for the exempt purposes of Section 501(c)(3) organizations, as outlined in this memorandum. The principal advantages of such bond financing are the low interest rates and the attractiveness of the debt to lenders and investors.

Should the treasurer of a non-profit be bonded?

While not always a legal requirement, it is generally a good idea for nonprofit treasurers to be bonded. This is a matter of employer discretion but serves as an essential protection measure. Bonding a treasurer can safeguard the organization against losses due to theft, fraud, or other unethical actions.

What is a tax-exempt revenue bond?

Municipal bonds are generally referred to as tax-exempt bonds because the interest earned on the bonds often is excluded from gross income for federal income tax purposes and, in some cases, is also exempt from state and local income taxes.

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Can bonds be issued by nonprofits?

Yes and no. The tax code only allows nonprofits to issue tax-exempt bonds for certain purposes. Usually, this is to further their charitable purpose, but not for the nonprofit or anyone else to make money on unrelated businesses.

How do I report accrued interest paid on tax-exempt bonds?

In general, your tax-exempt stated interest should be shown in box 8 of Form 1099-INT or, for a tax-exempt OID bond, in box 2 of Form 1099-OID, and your tax-exempt OID should be shown in box 11 of Form 1099-OID. Enter the total on line 2a of your Form 1040 or 1040-SR.

What is the Schedule K for 990?

Schedule K (Form 990) is used by an organization that files Form 990 to provide certain information on its outstanding liabilities associated with tax-exempt bond issues.