990 Schedule H Form 2023-2024

990 Schedule H 2024 Form: What You Should Know

The Mercy Hospital's Form 990 Schedule H for fiscal year ending June 2024 was submitted on 10/03/2017 This schedule is required by section 501(c)(3) of the Internal Revenue Code of 1986, as amended. Income from Sources within the United States (b) Amount Excluded from Exemptions There are no sections of the Internal Revenue Code specifically restricting an organization from accepting donations or the receipt of reimbursements from other organizations that qualify for the exemption, whether the other organization is an exempt organization, a church, a private foundation, or another type of exempt organization or religious organization. This report, however, will exclude from any donation to an exempt organization all donations that are subject to tax by virtue of the Federal Insurance Contributions Act. This is a federal tax on payments for life insurance, defined benefit pension, and short term disability. This exemption restriction includes direct contributions to an organization's operating expenses of 10,000/year. Amount of Exempt Donation Tax There is no maximum amount of exempt donation received within any individual year which may be reported, which would be sufficient to reduce (the amount of exemption below) the individual tax bill. The total exemption provided is 18,500/year. The United States Internal Revenue Service has stated: “The IRS has no statutory provision imposing a restriction on payments between nonprofit organizations or members thereof, for medical, dental, or other nonmedical goods and services.” (d) Direct Donations Section 170 of the Internal Revenue Code does not prohibit or restrict the receipt of money for nonmedical purposes by an organization, when the source of the money is an individual or by a member of the organization. No restrictions on the use of such money may be imposed by the Internal Revenue Service, nor does the Internal Revenue Service consider such funds to be taxable under section 501(c)(3) of the Internal Revenue Code. As such, when such financial support and nonmedical use are received by a nonpublic entity such as a health system, a charitable hospital or a nonprofit organization, the rules governing the organization's non-charitable tax-exempt status and how it must report its finances are exactly the same as those governing a charitable organization. The IRS only imposes income and excise taxes upon nonmedical, direct donations of property and income or to the extent of any compensation received for the use of real property and not for the use of the buildings or space.

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