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                                                                                                    Department of the Treasury
                                                                                                    Internal Revenue Service
2023

Instructions for Schedule K 

(Form 990)

Supplemental Information on Tax-Exempt Bonds

Section references are to the Internal Revenue Code unless           assumptions that are used to complete Schedule K (Form 990) 
otherwise noted.                                                     when the information provided isn't fully supported by existing 
                                                                     records.
Future Developments
For the latest information about developments related to             Who Must File
Schedule K (Form 990) and its instructions, such as legislation      An organization that answered “Yes” on Form 990, Part IV, 
enacted after they were published, go to IRS.gov/Form990.            Checklist of Required Schedules, question 24a, must complete 
                                                                     and attach Schedule K to Form 990. This means the 
                                                                     organization reported an outstanding tax-exempt bond issue 
General Instructions                                                 that:
                                                                     • Had an outstanding principal amount in excess of $100,000 
Note. Terms in bold are defined in the Glossary of the                 as of the last day of the tax year, and
Instructions for Form 990, Return of Organization Exempt From        • Was issued after December 31, 2002.
Income Tax.
                                                                     Up to four separate outstanding tax-exempt liabilities can be 
Purpose of Schedule                                                  reported on each Schedule K (Form 990). The schedule can be 
Schedule K (Form 990) is used by an organization that files Form     duplicated if needed to report more than four tax-exempt 
990 to provide certain information on its outstanding liabilities    liabilities. If the organization isn't required to file Form 990 but 
associated with tax-exempt bond issues. Usually, a bond issue        chooses to do so, it must file a complete return and provide all of 
associated with an exempt organization will consist of qualified     the information requested, including the required schedules.
501(c)(3) bonds, but all types of tax-exempt bonds benefiting the 
organization must be reported. A qualified 501(c)(3) bond issue      Period Covered
consists of bonds, the proceeds of which are used by a section       The organization can complete this schedule for any tax-exempt 
501(c)(3) organization to further its charitable purpose.            liability using the same period as the Form 990 with which it is 
Generally, applicable requirements for qualified 501(c)(3) bonds     filed. Alternatively, the organization can use any other 12-month 
under section 145 include the following.                             period or periods selected by the organization and that, used 
• All property financed by the bond issue is to be owned by a        consistently for a tax-exempt liability for purposes of this 
  section 501(c)(3) organization or a state or local                 schedule and computations, is in accordance with the 
  governmental unit.                                                 requirements under sections 141 through 150. Under this 
• At least 95% of the net proceeds of the bond issue are used        alternative, the organization can use different 12-month periods 
  by either a state or local governmental unit or a section          for each tax-exempt liability reported. The alternative period(s) 
  501(c)(3) organization in activities that don't constitute         must be specifically described in Part VI.
  unrelated trades or businesses (determined by applying 
  section 513).
If the organization has one or more related organizations            Specific Instructions
(for example, parent and subsidiary relationship), it must 
                                                                     Definitions
complete Schedule K (Form 990) consistent with the filing(s) of 
its related organization(s). The same liability shouldn't be         Tax-exempt bond. This is an obligation issued by or on 
reported by more than one of the related organizations. For          behalf of a governmental issuer for which the interest paid is 
example, if a parent organization issues a tax-exempt bond and       excluded from the holder's gross income under section 103. For 
loans or allocates that issue to a subsidiary organization, only     this purpose, a bond can be in any form of indebtedness under 
one organization (either the parent or subsidiary) should report     federal tax law, including a bond, note, loan, or lease-purchase 
the liability on Form 990 and the Schedule K. Similarly, if a parent agreement.
organization loans or allocates the proceeds of a tax-exempt         Bond issue. This is an issue of two or more bonds that are 
bond issue to a group of subsidiary organizations, only one level    sold at substantially the same time, sold pursuant to the same 
(either the parent or the group of subsidiaries) should report the   plan of financing, and payable from the same source of funds. 
liability on Form 990 and the Schedule K. For this purpose, if the   See Regulations section 1.150-1(c).
subsidiary organizations report the liability, each subsidiary       Defeasance escrow.  This is an irrevocable escrow 
should only report the amount it is loaned or allocated.             established in an amount that, together with investment 
                                                                     earnings, is sufficient to pay all the principal of, and interest and 
If the organization's bond liability relates to a pooled financing   call premium on, bonds from the date the escrow is established. 
issue, the organization should report with respect to the amount     See Regulations section 1.141-12(d)(6). A defeasance escrow 
of the issue that the organization is loaned or allocated.           can be established for several purposes, including the 
Use Part VI to provide additional information or comments            remediation of nonqualified bonds when the defeasance 
relating to the information provided on this schedule. For           provides for redemption of bonds on the earliest call date. 
example, use Part VI to provide additional information or            However, for purposes of completing this schedule, an escrow 
comments about the reporting of liabilities by related               established with proceeds of a refunding issue to defease a 
organizations. In addition, use Part VI to describe certain          prior issue is referred to as a refunding escrow.

Jul 25, 2023                                                   Cat. No. 20378D

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Governmental issuer.     A state or local governmental unit              issue in Part I for each year the outstanding principal amount 
that issues tax-exempt bonds.                                            exceeds $100,000 as of the last day of the year, and must 
Gross proceeds.    This generally means any sale proceeds,               provide all Part I, Part II, Part III, and Part IV information for such 
investment proceeds, transferred proceeds, and replacement               refunding issue. If any outstanding bonds of the 2014 bond issue 
proceeds of an issue. See Regulations sections 1.148-1(b),               weren't legally defeased, the organization must also list the 2014 
1.148-1(c), and 1.148-9(b).                                              bond issue in Part I, and must provide all Part I, Part II, Part III, 
Pooled financing issue.      This is a bond issue from which             and Part IV information for such bond issue.
more than $5 million of proceeds will be used to make loans to 
two or more conduit borrowers.                                           Part I. Bond Issues
Private business use.    Private business use means use of               In Part I, provide the requested information for each outstanding 
the proceeds of an issue by the organization or another section          tax-exempt bond issue (including a refunding issue) that:
501(c)(3) organization in an unrelated trade or business as              • Had an outstanding principal amount in excess of $100,000 
defined by section 513. Private business use also generally                as of the last day of the   tax year (or other selected 
includes any use by a nongovernmental person other than a                  12-month period), and
section 501(c)(3) organization unless otherwise permitted                • Was issued after December 31, 2002.
through an exception or safe harbor provided under the 
regulations or a revenue procedure.                                      For this purpose, bond issues that have been legally 
Proceeds.   This generally means the sale proceeds of an                 defeased in whole, and as a result are no longer treated as a 
issue (other than those sale proceeds used to retire bonds of the        liability of the organization, need not be listed in Part I and aren't 
issue that aren't deposited in a reasonably required reserve or          subject to the generally applicable reporting requirements of 
replacement fund). Proceeds also include any investment                  Parts I, II, III, and IV.
proceeds from investments that accrue during the project period          Note. Continued compliance with federal tax law requirements 
(net of rebate amounts attributable to the project period). See          is required with respect to defeased bonds.
Regulations section 1.141-1(b).
Refunding escrow.     This is one or more funds established as           Use one row for each issue, and use the Part I row 
part of a single transaction or a series of related transactions,        designation for a particular issue (for example, “A” or “B”) 
containing proceeds of a refunding issue and any other                   consistently throughout Parts I through IV. The information 
amounts to provide for payment of principal or interest on one or        provided in columns (a) through (d) should be consistent with the 
more prior issues. See Regulations section 1.148-1(b).                   corresponding information included on Form 8038, Information 
Refunding issue.   This is an issue of obligations the                   Return for Tax-Exempt Private Activity Bond Issues, filed by the 
proceeds of which are used to pay principal, interest, or                governmental issuer upon the issuance of the bond issue. 
redemption price on another issue (a prior issue), including the         Complete multiple schedules if necessary to account for all 
issuance costs, accrued interest, capitalized interest on the            outstanding post-December 31, 2002, tax-exempt bond issues. 
refunding issue, a reserve or replacement fund, or similar               In this case, describe in the first Schedule K, Part VI, that 
costs, if any, properly allocable to that refunding issue. A current     additional schedules are included.
refunding issue is a refunding issue that is issued not more than 
90 days before the last expenditure of any proceeds of the               Columns (a) and (b).     Enter the name and employer 
refunding issue for the payment of principal or interest on the          identification number (EIN) of the issuer of the bond issue. The 
prior issue. An advance refunding issue is a refunding issue that        issuer's name is the name of the entity that issued the bond 
isn't a current refunding issue. See Regulations sections                issue (typically, a state or local governmental unit). The 
1.150-1(d)(1), (3), and (4).                                             issuer's name and EIN should be identical to the name and EIN 
                                                                         listed on Form 8038, Part I, lines 1 and 2, filed for the bond issue.
Special rules for refunding of pre-2003 issues.      Bonds 
issued after December 31, 2002, to refund bonds issued before            Column (c). Enter the Committee on Uniform Securities 
January 1, 2003, have special reporting requirements. Such               Identification Procedures (CUSIP) number on the bond with the 
refunding bonds are subject to the generally applicable reporting        latest maturity. The CUSIP number should be identical to the 
requirements of Parts I, II, and IV. However, the organization           CUSIP number listed on Form 8038, Part I, line 9, filed for the 
need not complete lines 1 through 9 of Part III to report private        bond issue. If the bond issue wasn't publicly offered and there 
business use information for the issue for such refunding bonds.         is no assigned CUSIP number, enter zeros in place of the CUSIP 
These special rules don't apply to bonds issued after December           number.
31, 2002, to refund directly or through a series of refunding            Column (d). Enter the issue date of the obligation. The issue 
bonds that were also originally issued after 2002.                       date should be identical to the issue date listed on Form 8038, 
Example 1. Refunding of pre-2003 bonds.      Bonds issued                Part I, line 7, filed for the bond issue. The issue date is generally 
in 2002 to construct a facility were current refunded in 2017. In        the date on which the issuer receives the purchase price in 
2020, bonds were issued to current refund the 2017 bonds. As of          exchange for delivery of the evidence of indebtedness (for 
December 31, 2023, the last day of the organization's tax year,          example, a bond). In no event is the issue date earlier than the 
the 2020 refunding bonds had an outstanding principal amount             first day on which interest begins to accrue on the bond for 
exceeding $100,000. The organization must list the refunding             federal income tax purposes. See Regulations section 
bond issue in Part I for each year the outstanding principal             1.150-1(b).
amount exceeds $100,000 as of the last day of such year, and             Column (e). Enter the issue price of the obligation. The issue 
must provide all Part I, Part II, and Part IV information for such       price should generally be identical to the issue price listed on 
refunding issue. Because the original bonds were issued prior            Form 8038, Part III, line 21(b), filed for the bond issue. The 
to 2003, the organization need not complete Part III for the             issue price is generally determined under Regulations sections 
refunding bond issue.                                                    1.148-1(b) and 1.148-1(f). If the issue price isn't identical to the 
Example 2. Refunding of post-2002 bonds.           Bonds                 issue price listed on the filed Form 8038, use Part VI to explain 
issued in 2014 were advance refunded in 2017. As of December             the difference.
31, 2023, the last day of the organization's tax year, the               Column (f). Describe the purpose of the bond issue, such as 
refunding issue had an outstanding principal amount                      to construct a hospital or provide funds to refund a prior issue. If 
exceeding $100,000. The organization must list the refunding             any of the bond proceeds were used to refund a prior issue, 

                                                                     -2-                2023 Instructions for Schedule K (Form 990)

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enter the date of issue for each of the refunded issues. If the           Line 6. Enter the amount of proceeds held in a refunding 
issue has multiple purposes, enter each purpose. If the issue             escrow as of the end of the 12-month period. For this purpose 
financed various projects or activities corresponding to a related        only, include investment proceeds without regard to the project 
purpose, only enter the purpose once. For example, if proceeds            period limitation found in the definition of proceeds.
are used to acquire various items of office equipment, the 
amount of such expenditures should be aggregated and                      Line 7. Enter the cumulative amount of proceeds used to pay 
identified with the stated purpose of “office equipment.”                 bond issuance costs, including (but not limited to) underwriters' 
Alternatively, if proceeds are used to construct and equip a              spread as well as fees for trustees and bond counsel as of the 
single facility, the expenditures should be aggregated and                end of the 12-month period. Issuance costs are costs incurred in 
identified with the stated purpose of “construct & equip facility”        connection with, and allocable to, the issuance of a bond issue. 
where the identification of the facility is distinguishable from          See Regulations section 1.150-1(b) for an example list of 
other bond-financed facilities, if any. Use Part VI if additional         issuance costs.
space is needed for this purpose.                                         Line 8. Enter the cumulative amount of proceeds used to pay 
Column (g).    Check “Yes” or “No” to indicate whether a                  fees for credit enhancement that are taken into account in 
defeasance escrow or refunding escrow has been                            determining the yield on the issue for purposes of section 148(h) 
established to irrevocably defease any bonds of the bond issue.           (for example, bond insurance premiums and certain fees for 
                                                                          letters of credit) as of the end of the 12-month period.
Column (h).    Check “Yes” if the organization acted as an “on 
behalf of issuer” in issuing the bond issue. Check “No” if the            Line 9. Enter the cumulative amount of proceeds used to 
organization only acted as the borrower of the bond proceeds              finance working capital expenditures as of the end of the 
under the terms of a conduit loan with the governmental issuer            12-month period. However, don't report expenditures reported in 
of the bond issue.                                                        lines 4, 6, 7, and 8. A working capital expenditure is any cost that 
                                                                          isn't a capital expenditure (for example, current operating 
An “on behalf of issuer” is a corporation organized under the 
                                                                          expenses). See Regulations section 1.150-1(b).
general nonprofit corporation law of a state whose obligations 
are considered obligations of a state or local governmental               Line 10. Enter the cumulative amount of proceeds used to 
unit. See Rev. Proc. 82-26, 1982-1 C.B. 476, for a description of         finance capital expenditures as of the end of the 12-month 
the circumstances under which the IRS will ordinarily issue a             period. Capital expenditures generally include costs incurred to 
letter ruling that the obligations of a nonprofit corporation will be     acquire, construct, or improve land, buildings, and equipment. 
issued on behalf of a state or local governmental unit. See also          See Regulations section 1.150-1(b). However, don't report 
Rev. Rul. 63-20, 1963-1 C.B. 24; Rev. Rul. 59-41, 1959-1 C.B.             capital expenditures financed by a prior issue that was refunded 
13; and Rev. Rul. 54-296, 1954-2 C.B. 59. An “on behalf of                by the bond issue or capitalized interest that was reported on 
issuer” also includes a constituted authority organized by a state        line 5.
or local governmental unit and empowered to issue debt                    Line 11. Enter the cumulative amount of proceeds used for any 
obligations in order to further public purposes. See Rev. Rul.            item not reported on lines 4 through 10 as of the end of the 
57-187, 1957-1 C.B. 65.                                                   12-month period. Include any proceeds used or irrevocably held 
Column (i). Check “Yes” or “No” to indicate if the bond issue             to redeem or legally defease bonds of the issue.
was a pooled financing issue.                                             Line 12. Enter the amount of unspent proceeds as of the end of 
                                                                          the 12-month period other than those amounts identified in lines 
Part II. Proceeds
                                                                          4, 6, and 11.
Complete for each bond issue listed in rows A through D of Part 
I. Complete multiple schedules if necessary to account for all            Line 13. Enter the year in which construction, acquisition, or 
outstanding tax-exempt bond issues. Note that lines 3 and 5               rehabilitation of the financed project was substantially 
through 12 concern the amount of proceeds of the bond issue,              completed. A project can be treated as substantially completed 
but line 4 concerns the amount of gross proceeds of the bond              when, based upon all the facts and circumstances, the project 
issue. Because of this, the aggregate of the amounts entered on           has reached a degree of completion that would permit its 
lines 4 through 12 may not equal the amount entered on line 3.            operation at substantially its design level and it is, in fact, in 
                                                                          operation at such level. See Regulations section 1.150-2(c). If 
Line 1.  Enter the cumulative principal amount of bonds of the            the bond issue financed multiple projects, enter the latest year 
issue that have been retired as of the end of the 12-month period         in which construction, acquisition, or rehabilitation of each of the 
used in completing this schedule.                                         financed projects was substantially completed. For example, if a 
Line 2. Enter the cumulative principal amount of bonds of the             bond issue financed the construction of three projects that were 
issue that haven't been retired, but have been legally defeased           substantially completed in 2021, 2022, and 2023, respectively, 
through the establishment of a defeasance escrow or a                     then enter “2023.” If the bond issue financed working capital 
refunding escrow, as of the end of the 12-month period.                   expenditures, provide the latest year in which the proceeds of 
                                                                          the issue were allocated to those expenditures.
Line 3. Enter the total amount of proceeds of the bond issue 
as of the end of the 12-month period. If the total proceeds aren't        Line 14. Check “Yes” if the bonds were issued after 2017 to 
identical to the issue price listed in Part I, column (e), use Part VI    refund tax-exempt bonds or if the bonds were issued prior to 
to explain the difference (for example, investment earnings).             2018 to currently refund tax-exempt bonds. Otherwise, check 
                                                                          “No.”
Line 4. Enter the amount of gross proceeds held in a 
reasonably required sinking fund, pledged fund, or reserve or             Line 15. Check “Yes” if the bonds were issued after 2017 to 
replacement fund as of the end of the 12-month period. See                refund taxable bonds or if the bonds were issued prior to 2018 to 
Regulations sections 1.148-1(c)(2), 1.148-1(c)(3), and                    advance refund tax-exempt bonds. Otherwise, check “No.”
1.148-2(f).                                                               Line 16. Check “Yes” or “No” to indicate if the final allocation of 
Line 5. Enter the cumulative amount of proceeds used, as of               proceeds has been made. Proceeds of a bond issue must be 
the end of the 12-month period, to pay interest on the applicable         accounted for using any reasonable, consistently applied 
portion of the bond issue during construction of a financed               accounting method. Allocations must be made by certain 
capital project.                                                          applicable due dates and are generally not considered final until 

2023 Instructions for Schedule K (Form 990)                            -3-

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the expiration of such due dates. See Regulations section               has determined that the research agreement meets the safe 
1.148-6.                                                                harbor under Rev. Proc. 2007-47, 2007-29 I.R.B. 108, available 
                                                                        at Rev. Proc. 2007-47, and won’t result in actual private 
Line 17. Check “Yes” or “No” to indicate if the organization 
                                                                        business use. An agreement by a nongovernmental person to 
maintains adequate books and records to support the final 
                                                                        sponsor research performed by the organization can result in 
allocation of proceeds. Answer this question only with respect to 
                                                                        private business use of the property used for the research, 
the tax year applicable to this schedule.
                                                                        based on all the facts and circumstances. A research agreement 
Part III. Private Business Use                                          for the financed property will generally result in private business 
                                                                        use of that property if the sponsor is treated as the lessee or 
Complete for bond issues listed in rows A through D of Part I,          owner of financed property for federal income tax purposes. See 
other than listed bond issues that are post-December 31, 2002,          Regulations section 1.141-3(b)(6).
refunding issues which refund pre-January 1, 2003, bond 
issues directly or through a series of refundings. For this             Line 3d. If line 3c was checked “Yes,” check “Yes” or “No” to 
purpose, a refunding bond issue also includes allocation and            indicate if, during the 12-month period used to report on the 
treatment of bonds of a multipurpose issue as a separate                bond issue, the organization routinely engaged bond counsel or 
refunding issue under Regulations section 1.141-13(d).                  other outside counsel to review any research agreements 
Complete multiple schedules if necessary to account for all             relating to the financed property.
outstanding tax-exempt bond issues.                                     Line 4. Enter the average percentage during the year of the 
                                                                        property financed by the bond issue that was used in a private 
The organization may omit from Part III information with                business use by a nongovernmental person other than a 
respect to any bond issue reported in Part I that is a qualified        section 501(c)(3) organization. See Regulations section 
private activity bond other than a qualified 501(c)(3) bond. For        1.141-3(g)(4). The average percentage is determined by 
any other qualified private activity bonds, in Part VI the              comparing (i) the amount of private business use (see 
organization must identify the issue by reference to rows A             Definitions, earlier) during the year to (ii) the total amount of 
through D of Part I, as applicable, and identify the type of            private business use and use that isn't private business use 
qualified private activity bond.                                        during that year. Don't include costs of issuance reported in Part 
Line 1. Check “Yes” or “No” to indicate if the organization was at      II in the amount of property used in a private business use 
any time during the reporting period a partner in a partnership or      (clause (i) of the preceding sentence), but do include such costs 
a member of a limited liability company (LLC) which both owned          in the total amount of use (clause (ii)). Enter the yearly average 
property that was financed by the bond issue and included as            percentage to the nearest tenth of a percentage point (for 
partner(s) or member(s) entities other than a section 501(c)(3)         example, 8.9% (0.089)). For this purpose, don't include any use 
organization.                                                           relating to either a management or service contract identified on 
                                                                        line 3a that the organization has determined meets the safe 
Line 2. Check “Yes” or “No” to indicate if any lease                    harbor under Rev. Proc. 2017-13, or otherwise doesn't result in 
arrangements that may result in private business use were               private business use. See also Rev. Proc. 2016-44. Similarly, 
effective at any time during the year with respect to property          don't include any use relating to a research agreement identified 
financed by the bond issue. The lease of financed property to a         on line 3c that the organization has determined meets the safe 
nongovernmental person other than a section 501(c)(3)                   harbor under Rev. Proc. 2007-47, or otherwise doesn't result in 
organization is generally private business use. Lease                   private business use.
arrangements that constitute unrelated trade or business of the 
lessor, or that are for an unrelated trade or business of a section     Line 5. Enter the average percentage during the year of the 
501(c)(3) organization lessee, may also result in private business      property financed by the bond issue that was used in an 
use. See Regulations sections 1.141-3(b)(3) and 1.145-2(b)(1).          unrelated trade or business activity (a private business use) 
                                                                        by the organization, another section 501(c)(3) organization, or a 
Line 3a. Check “Yes” or “No” to indicate if any management or           state or local governmental unit. See Regulations section 
service contract that may result in private business use was            1.141-3(g)(4). Enter the yearly average percentage rounded to 
effective at any time during the year with respect to property          the nearest tenth of a percentage point (for example, 8.9% 
financed by the bond issue. For this purpose, answer “Yes”              (0.089)).
even if the organization has determined that the management or 
service contract meets the safe harbor under Rev. Proc.                 Line 7. Check “Yes” or “No” to indicate whether, as of the end of 
2017-13, 2017-6 I.R.B. 787, available at Rev. Proc. 2017-13, and        the 12-month period used to report on the bond issue, the bond 
won’t result in actual private business use. A management or            issue met the private security or payment test of section 141(b)
service contract for the financed property can result in private        (2), as modified by section 145, to apply to qualified 501(c)(3) 
business use of the property, based on all facts and                    bonds. Generally, a qualified 501(c)(3) bond issue will meet the 
circumstances. A management or service contract for the                 private security or payment test if more than 5% of the payment 
financed property generally results in private business use of          of principal or interest on the bond issue is either made or 
that property if the contract provides for compensation for             secured (directly or indirectly) by payments or property used or 
services rendered with compensation based, in whole or in part,         to be used for a private business use. See Regulations sections 
on a share of net profits from the operation of the facility. See       1.141-4 and 1.145-2.
Regulations section 1.141-3(b)(4). See also Rev. Proc. 2016-44,         Line 8a. Check "Yes" or "No" to indicate whether the owner of 
2016-36 I.R.B. 316, available at Rev. Proc. 2016-44.                    any of the financed property sold or transferred the property to 
Line 3b. If line 3a was checked “Yes,” check “Yes” or “No” to           an entity other than a state or local governmental unit or another 
indicate if, during the 12-month period used to report on the           section 501(c)(3) organization. For this purpose, report sales 
bond issue, the organization routinely engaged bond counsel or          and transfers on a cumulative basis since the issuance of the 
other outside counsel to review any management or service               bonds.
contracts relating to the financed property.                            Line 8b. If line 8a was checked "Yes," report the percentage of 
Line 3c. Check “Yes” or “No” to indicate if any research                property sold or transferred, including prior transfers on a 
agreement that may result in private business use was effective         cumulative basis, since the issuance of the bonds.
at any time during the year for property financed by the bond 
issue. For this purpose, answer “Yes” even if the organization 

                                                                    -4-                2023 Instructions for Schedule K (Form 990)

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Line 8c. If line 8a was checked "Yes," state whether the               nonpurpose investment that has specifically negotiated 
organization took any remedial actions under the applicable            withdrawal or reinvestment provisions and a specifically 
regulations with respect to any nonqualified bonds that may have       negotiated interest rate, including “negotiations” through 
resulted from the transfer.                                            requests for bids. It also includes any agreement to supply 
                                                                       investments on two or more dates (for example, a forward supply 
Line 9. Check "Yes" or "No" to indicate whether the organization       contract). If the answer on line 5a is “Yes”:
has established written procedures to ensure timely remedial           • Enter the name of the provider of the GIC on line 5b,
action with respect to all nonqualified bonds in accordance with       • Enter the term of the GIC rounded to the nearest tenth of a 
Regulations sections 1.141-12 and 1.145-2 or other additional            year on line 5c, and
remedial actions authorized by the Commissioner under                  • Enter “Yes” or “No” on line 5d to indicate if the regulatory 
Regulations section 1.141-12(h). Answer "Yes" only if the                safe harbor for establishing fair market value provided in 
procedures applied to the bond issue during the 12-month                 Regulations section 1.148-5(d)(6)(iii) was satisfied.
period used to report on the bond issue.
                                                                       Line 6. Check “Yes” or “No” to indicate if any gross proceeds 
Part IV. Arbitrage                                                     were invested beyond a temporary period (for example, the 
Complete for each bond issue listed in rows A through D of Part        3-year temporary period applicable to proceeds spent on 
I. Complete multiple schedules if necessary to account for all         expenditures for capital projects, or the 13-month temporary 
outstanding tax-exempt bond issues.                                    period applicable to proceeds spent on working capital 
                                                                       expenditures), or if any gross proceeds were invested in a 
Line 1. Under section 148(f), interest on a state or local bond        reserve or replacement fund in an amount exceeding applicable 
isn't tax exempt unless the issuer of the bond rebates to the          limits. See Regulations sections 1.148-2(e) and (f).
United States arbitrage profits earned from investing proceeds of 
the bond in higher yielding nonpurpose investments. Issuers of         Line 7. Check “Yes” or “No” to indicate if the organization has 
tax-exempt bonds and any other bonds subject to the provisions         established written procedures to monitor compliance with the 
of section 148 must use Form 8038-T, Arbitrage Rebate, Yield           arbitrage, yield restriction, and rebate requirements of section 
Reduction and Penalty in Lieu of Arbitrage Rebate, to make             148. Answer “Yes” only if the procedures applied to the bond 
arbitrage rebate and related payments. Generally, rebate               issue during the 12-month period are used to report on the bond 
payments are due no later than 60 days after every fifth               issue.
anniversary of the issue date and the final payment of the bonds. 
Check “Yes” or “No” to indicate whether the issuer has filed the       Part V. Procedures To Undertake 
Form 8038-T that would have been most recently due.                    Corrective Action
Lines 2a through 2c. If the issuer hasn't filed Form 8038-T for        Regulations section 1.141-12 and other available remedies for 
the most recent computation date for which filing would be             noncompliance may not cover all violations of the requirements 
required if rebate were due, check “Yes” or “No” to indicate           of section 145 and other applicable requirements for tax-exempt 
whether any of the explanations in lines 2a through 2c apply. If       bonds benefiting the organization. Certain remedial provisions 
line 2c is checked “Yes,” use Part VI to provide the date of the       also require that the noncompliance be identified and remedial 
rebate computation showing that no rebate was due for the              action taken within a limited time after the deliberate action or 
applicable computation date.                                           other cause of the violation. In instances where applicable 
Line 3. Check “Yes” or “No” to indicate if the bond issue is a         remedial provisions aren't available under the regulations, an 
variable rate issue. A variable rate issue is an issue containing a    issuer of bonds may request a voluntary closing agreement to 
bond with a yield not fixed and determinable on the issue date.        address the violation under the Tax Exempt Bonds Voluntary 
                                                                       Closing Agreement Program described under Notice 2008-31, 
Lines 4a through 4e. In general, payments made or received             2008-11 I.R.B. 592. Check “Yes” or “No” to indicate whether the 
by a governmental issuer or borrower of bond proceeds under            organization has established written procedures to ensure timely 
a qualified hedge are taken into account to determine the yield        identification of violations of federal tax requirements and timely 
on the bond issue. A qualified hedge can be entered into               correction of any identified violation(s) through use of the 
before, at the same time as, or after the date of issue. Check         voluntary closing agreement program if self-remediation isn't 
“Yes” or “No” on line 4a to indicate if the organization or the        available under applicable regulations. Answer “Yes” only if the 
governmental issuer has entered into a qualified hedge and             procedures applied during the 12-month period are used to 
identified it on the governmental issuer's books and records. See      report on the bond issue.
Regulations section 1.148-4(h). If the answer to line 4a is “Yes”:
• Enter the name of the provider of the hedge on line 4b;              Part VI. Supplemental Information
• Enter the term of the hedge rounded to the nearest tenth of          Use Part VI to provide the narrative explanations required, if 
  a year (for example, 2.4 years) on line 4c;                          applicable, to supplement Part I, columns (e) and (f); to provide 
• Enter “Yes” or “No” on line 4d to indicate if, as a result of the    additional information or comments relating to the reporting of 
  hedge, variable yield bonds will be treated as fixed yield           liabilities by related organizations; and to describe certain 
  bonds (superintegration of the hedge) (see Regulations               assumptions that are used to complete Schedule K (Form 990) 
  section 1.148-4(h)(4)); and                                          when the information provided isn't fully supported by existing 
• Enter “Yes” or “No” on line 4e to indicate if the hedge was          records. Also use Part VI to supplement responses to questions 
  terminated prior to its scheduled termination date.                  on Schedule K (Form 990). Identify the specific part and line 
Lines 5a through 5d. Check “Yes” or “No” on line 5a to indicate        number that the response supports, in the order in which the 
if any gross proceeds of the bond issue were invested in a             responses appear on Schedule K (Form 990).
guaranteed investment contract (GIC). A GIC includes any 

2023 Instructions for Schedule K (Form 990)                         -5-