Foundation Terminology

1023 Form

This form is our application for 501(c)(3) tax exemption.

1042S

An IRS form used to report certain income of foreign persons, including nonresident aliens, foreign partnerships, foreign corporations, foreign estates, and foreign trusts.

1099 MISC

An IRS form used to report various types of income other than wages, salaries and tips to non-corporate payees.  An example would be amounts paid to independent contractors for services performed.  We are required to report these transactions when the total amount for the calendar year is $600 or more. These forms are mailed by January 31st each year based on the prior calendar year’s payments.

1099 R

An IRS form used to report annuity payments.

501(C)(3)

 

Section of the Internal Revenue Code that designates an organization as charitable and tax-exempt.

 

990 Form

This is the annual IRS filing form for non-profit corporations. If you need a copy of this form for grant proposals please contact us.

Our Vision

Our vision is to attract broad resources that transform the USM and its institutions, create a network of advocates to embrace the USM’s role as an educator and economic engine, and to grow a long-term, sustainable culture of philanthropy across the University System of Maryland.

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