The college is exempt from Federal and State income taxes under Internal Revenue Code Section 501 (C) (3). As such, the college must file an Annual Information Return (Form 990) with the IRS. Form 990 is considered a public document. Thus, donors (foundations, corporations, and individuals), the media and members of the general public may request copies of the Form 990. Section 6104 of the Internal Revenue Code requires the college to provide copies of the return within 30 days of a written request.
This policy seeks to inform the public of the college's compliance with the Internal Revenue Code with respect to Form 990.
IRS Form 990 shall be made available to the public upon written request. The college shall respond to the written request within thirty (30) days of receipt.
The Controller/Director of Business Services shall oversee this policy and review it at least once every two years. Changes to this policy shall be made in accordance with the college's Policy on Policies.
Section 6104, the statute requiring Davidson College to make Form 990 public only applies to the last three forms filed.
For purposes of this requirement, the college's annual information return consists of Form 990 and Schedule A (Form 990). The copy must include all schedules, attachments and supporting documents, except for the name and address of any contributor to the college. Accordingly, the college may release the first page of Schedule B, but not Parts I or II.
Effective May 8, 2008, Section 6104(d)(1)(A)(ii) of the Internal Revenue Code determined that any Form 990-T filed after August 17, 2006 is also considered a public document. However, only schedules that are directly related to tax on Unrelated Business Income are considered public documents and subject to disclosure. The college is not required and will not make available for public inspection any other schedules or forms, including Form 5471, "Information Return of U.S. Persons with Respect to Certain Foreign Corporations" and Form 8886, "Reportable Transaction Disclosure Statement," that are part of the 990-T.