Sound financial management begins with complete transparency
What is Form 990?
Form 990 provides a comparison of the current year’s revenues, expenses, assets, and liabilities with those of the prior year.
We also provide a description of IUF’s program and service accomplishments, along with in-depth information regarding IUF’s tax compliance, good governance practices, compensation data, and policies.
We are responsible for filing Form 990 annually with the Internal Revenue Service (IRS).
How is the form prepared?
Preparing the form is a multi-step process that involves many people within our organization.
First, staff members prepare Form 990 and submit it for review to our management group. Our Audit Committee is kept up to date with our progress by way of status reports given to them at various committee meetings.
Once Form 990 is reviewed and approved by the Audit Committee, it is signed by our President and CEO, and then provided to the full board prior to its filing with the IRS.
Request a copy of Form 990Form 990 and corporate governance
One of the public objectives of Form 990 is to make the policies and practices of nonprofit organizations more transparent. Form 990 includes disclosures regarding conflicts of interest and related party transactions.
Effective boards usually include individuals who have relationships and affiliations that may raise questions about perceived conflicts of interest. Although many such potential conflicts are ultimately deemed inconsequential, every IUF representative (director, officer, employee, or agent) has the responsibility to ensure that the board is made aware of situations that involve personal, familial, or business relationships that could create a real or perceived conflict of interest.
Every year, we make a written request to our officers and directors to disclose known conflicts of interest, as outlined in our Conflict of Interest Policy, and related party transactions, as defined by the IRS. These disclosures are reviewed by our staff and the Audit Committee. The board and all relevant board committees are notified of any action required based on the disclosures received.
While the IRS only requires that we report related party transactions which exceed $100,000, we believe good governance requires full accountability regardless of dollar amounts. Therefore, we are providing an additional disclosure of all known related party transactions that fall below the IRS reporting threshold.
State of Indiana Tax Forms
Indiana taxpayers may take a tax credit of 50% of their gift to IU. For a joint return, the maximum credit is $200, based on a gift of $400 or more. For a single return, the maximum credit is $100 (based on a gift of $200 or more). The payment of tuition, fees, or room and board are not charitable contributions and do not qualify for this credit.
After you make your gift to IU, you will only need to complete one simple form—the Indiana CC-40. Attach this form to your Indiana income tax return for the tax year in which you made the gift. You may obtain the Indiana CC-40 tax form, along with all requirements and instructions, from the State of Indiana’s website.
This form is for computing credit for contributions to colleges and universities located in Indiana. This schedule, or a statement showing the same information, must be attached to the contributor’s income tax return.
New Tax Receipt Process for Donors
In January 2024, the IU Foundation initiated a new, streamlined, more sustainable way of delivering official tax receipts for your charitable gifts to Indiana University. Whereas our former practice was to mail you a separate tax receipt for every individual gift you made throughout a calendar year, our new practice is to send you a singular, annual receipt for gifts you made during the previous calendar year.
For gifts that are not made electronically, we will continue to mail you a printed confirmation of your gift; but that will not serve as your official tax receipt. A tax receipt will be mailed to you in January of the year following your gift(s).
Please note that certain kinds of contributions may not be included in your receipt, as indicated underneath your total. Should you have any questions regarding the information on your tax receipt, please contact Gift Services at 800-558-8311 or via email at iufgift@iu.edu.