IRS Issues Fall 2006 Statistics of Income Bulletin

IRS Issues Fall 2006 Statistics of Income Bulletin: "#
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The number of domestic private foundations that filed Form 990-PF for tax year 2003 increased by 4.2 percent to 76,348. After declining during tax years 2001 and 2002, the fair market value of total assets increased by 15 percent for tax year 2003. After declining for 3 consecutive tax years, revenue received also increased, with foundations reporting 74.2 percent more revenue in tax year 2003 than 2002. Although exempt from income tax, for tax year 2003, domestic private foundations reported nearly $332.6 million in excise tax liability.

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For tax year 2003, nonprofit charitable organizations exempt from income tax under Internal Revenue Code section 501(c)(3) filed over 263,000 information returns, an increase of 5 percent from the previous year. These organizations held nearly $1.9 trillion in assets, an increase of 10 percent from 2002, and reported $1.1 trillion in revenue, 70 percent of which came from program services and activities."