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Public information reporting by tax-exempt private foundations needs more attention by IRS : report to the chairman, Subcommittee on Commerce, Consumer, and Monetary Affairs, Committee on Government Operations, House of Representatives

In response to a congressional request, GAO reviewed the Internal Revenue Service's (IRS) efforts to ensure that private foundations comply with the tax administration and public information reporting requirements of the Internal Revenue Code (IRC). Private foundations are required by IRC to make extensive public disclosures on returns filed with IRS. This information is useful to grant seekers, to Congress and the public for monitoring foundation activity, and to IRS for administering the revenue laws. GAO found that information necessary for administration of the tax exemption law was well reported by the foundations; however, they did not completely respond to public information reporting items on their returns. GAO estimated that about two-thirds of the routine examinations completed by the district offices that it surveyed involved incomplete returns with respect to public information reporting requirements. GAO believes that, if IRS placed more emphasis on public information reporting during existing correspondence and routine foundation examination programs, improved voluntary compliance would result.

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