Userid: CPM                   Schema: instrx Leadpct: 100%  Pt. size: 9             Draft        Ok to Print
AH XSL/XML           Fileid: … s/i990schk/2022/a/xml/cycle02/source                                 (Init. & Date) _______

Page 1 of 5                                                                                  12:20 - 23-Aug-2022

The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.

                                                                                                    Department of the Treasury
                                                                                                    Internal Revenue Service
2022

Instructions for Schedule K 

(Form 990)

Supplemental Information on Tax-Exempt Bonds

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

Aug 23, 2022                                                 Cat. No. 20378D

Page 2 of 5      Fileid: … s/i990schk/2022/a/xml/cycle02/source                                             12:20 - 23-Aug-2022

The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.

established with proceeds of a refunding issue to defease a              refunding issue had an outstanding principal amount 
prior issue is referred to as a refunding escrow.                        exceeding $100,000. The organization must list the refunding 
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 
more prior issues. See Regulations section 1.148-1(b).                   the corresponding information included on Form 8038, 
Refunding issue.   This is an issue of obligations the                   Information Return for Tax-Exempt Private Activity Bond Issues, 
proceeds of which are used to pay principal, interest, or                filed by the governmental issuer upon the issuance of the bond 
redemption price on another issue (a prior issue), including the         issue. Complete multiple schedules if necessary to account for 
issuance costs, accrued interest, capitalized interest on the            all outstanding post-December 31, 2002, tax-exempt bond 
refunding issue, a reserve or replacement fund, or similar               issues. 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 
Special rules for refunding of pre-2003 issues.      Bonds               issue.
issued after December 31, 2002, to refund bonds issued before 
January 1, 2003, have special reporting requirements. Such               Column (c). Enter the Committee on Uniform Securities 
refunding bonds are subject to the generally applicable reporting        Identification Procedures (CUSIP) number on the bond with the 
requirements of Parts I, II, and IV. However, the organization           latest maturity. The CUSIP number should be identical to the 
need not complete lines 1 through 9 of Part III to report private        CUSIP number listed on Form 8038, Part I, line 9, filed for the 
business use information for the issue for such refunding bonds.         bond issue. If the bond issue wasn't publicly offered and there 
These special rules don't apply to bonds issued after December           is no assigned CUSIP number, enter zeros in place of the CUSIP 
31, 2002, to refund directly or through a series of refunding            number.
bonds that were also originally issued after 2002.                       Column (d). Enter the issue date of the obligation. The issue 
Example 1. Refunding of pre-2003 bonds.           Bonds issued           date should be identical to the issue date listed on Form 8038, 
in 2002 to construct a facility were current refunded in 2017. In        Part I, line 7, filed for the bond issue. The issue date is 
2020, bonds were issued to current refund the 2017 bonds. As             generally the date on which the issuer receives the purchase 
of December 31, 2022, the last day of the organization's tax             price in exchange for delivery of the evidence of indebtedness 
year, the 2020 refunding bonds had an outstanding principal              (for example, a bond). In no event is the issue date earlier than 
amount exceeding $100,000. The organization must list the                the first day on which interest begins to accrue on the bond for 
refunding bond issue in Part I for each year the outstanding             federal income tax purposes. See Regulations section 
principal amount exceeds $100,000 as of the last day of such             1.150-1(b).
year, and must provide all Part I, Part II, and Part IV information      Column (e). Enter the issue price of the obligation. The issue 
for such refunding issue. Because the original bonds were                price should generally be identical to the issue price listed on 
issued prior to 2003, the organization need not complete Part III        Form 8038, Part III, line 21(b), filed for the bond issue. The 
for the refunding bond issue.                                            issue price is generally determined under Regulations sections 
Example 2. Refunding of post-2002 bonds.           Bonds                 1.148-1(b) and 1.148-1(f). If the issue price isn't identical to the 
issued in 2014 were advance refunded in 2017. As of December             issue price listed on the filed Form 8038, use Part VI to explain 
31, 2022, the last day of the organization's tax year, the               the difference.

                                                                     -2-                2022 Instructions for Schedule K (Form 990)

Page 3 of 5         Fileid: … s/i990schk/2022/a/xml/cycle02/source                                 12:20 - 23-Aug-2022

The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.

Column (f). Describe the purpose of the bond issue, such as               Line 5. Enter the cumulative amount of proceeds used, as of 
to construct a hospital or provide funds to refund a prior issue. If      the end of the 12-month period, to pay interest on the applicable 
any of the bond proceeds were used to refund a prior issue,               portion of the bond issue during construction of a financed 
enter the date of issue for each of the refunded issues. If the           capital project.
issue has multiple purposes, enter each purpose. If the issue 
                                                                          Line 6. Enter the amount of proceeds held in a refunding 
financed various projects or activities corresponding to a related 
                                                                          escrow as of the end of the 12-month period. For this purpose 
purpose, only enter the purpose once. For example, if proceeds 
                                                                          only, include investment proceeds without regard to the project 
are used to acquire various items of office equipment, the 
                                                                          period limitation found in the definition of proceeds.
amount of such expenditures should be aggregated and 
identified with the stated purpose of “office equipment.”                 Line 7. Enter the cumulative amount of proceeds used to pay 
Alternatively, if proceeds are used to construct and equip a              bond issuance costs, including (but not limited to) underwriters' 
single facility, the expenditures should be aggregated and                spread as well as fees for trustees and bond counsel as of the 
identified with the stated purpose of “construct & equip facility”        end of the 12-month period. Issuance costs are costs incurred in 
where the identification of the facility is distinguishable from          connection with, and allocable to, the issuance of a bond issue. 
other bond-financed facilities, if any. Use Part VI if additional         See Regulations section 1.150-1(b) for an example list of 
space is needed for this purpose.                                         issuance costs.
Column (g). Check “Yes” or “No” to indicate whether a                     Line 8. Enter the cumulative amount of proceeds used to pay 
defeasance escrow or refunding escrow has been                            fees for credit enhancement that are taken into account in 
established to irrevocably defease any bonds of the bond                  determining the yield on the issue for purposes of section 148(h) 
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 
An “on behalf of issuer” is a corporation organized under the             isn't a capital expenditure (for example, current operating 
general nonprofit corporation law of a state whose obligations            expenses). See Regulations section 1.150-1(b).
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 
obligations in order to further public purposes. See Rev. Rul.            Line 11. Enter the cumulative amount of proceeds used for any 
57-187, 1957-1 C.B. 65.                                                   item not reported on lines 4 through 10 as of the end of the 
                                                                          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 
Part II. Proceeds                                                         the 12-month period other than those amounts identified in lines 
                                                                          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 2020, 2021, and 2022, respectively, 
through the establishment of a defeasance escrow or a                     then enter “2022.” 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 
Line 3. Enter the total amount of proceeds of the bond issue              the issue were allocated to those expenditures.
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 
Line 4. Enter the amount of gross proceeds held in a                      “No.”
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).

2022 Instructions for Schedule K (Form 990)                            -3-

Page 4 of 5      Fileid: … s/i990schk/2022/a/xml/cycle02/source                                    12:20 - 23-Aug-2022

The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.

Line 16. Check “Yes” or “No” to indicate if the final allocation of     other outside counsel to review any management or service 
proceeds has been made. Proceeds of a bond issue must be                contracts relating to the financed property.
accounted for using any reasonable, consistently applied                Line 3c. Check “Yes” or “No” to indicate if any research 
accounting method. Allocations must be made by certain                  agreement that may result in private business use was effective 
applicable due dates and are generally not considered final until       at any time during the year for property financed by the bond 
the expiration of such due dates. See Regulations section               issue. For this purpose, answer “Yes” even if the organization 
1.148-6.                                                                has determined that the research agreement meets the safe 
Line 17. Check “Yes” or “No” to indicate if the organization            harbor under Rev. Proc. 2007-47, 2007-29 I.R.B. 108, available 
maintains adequate books and records to support the final               at Rev. Proc. 2007-47, and won’t result in actual private 
allocation of proceeds. Answer this question only with respect to       business use. An agreement by a nongovernmental person to 
the tax year applicable to this schedule.                               sponsor research performed by the organization can result in 
                                                                        private business use of the property used for the research, 
Part III. Private Business Use                                          based on all the facts and circumstances. A research agreement 
Complete for bond issues listed in rows A through D of Part I,          for the financed property will generally result in private business 
other than listed bond issues that are post-December 31, 2002,          use of that property if the sponsor is treated as the lessee or 
refunding issues which refund pre-January 1, 2003, bond                 owner of financed property for federal income tax purposes. See 
issues directly or through a series of refundings. For this             Regulations section 1.141-3(b)(6).
purpose, a refunding bond issue also includes allocation and            Line 3d. If line 3c was checked “Yes,” check “Yes” or “No” to 
treatment of bonds of a multipurpose issue as a separate                indicate if, during the 12-month period used to report on the 
refunding issue under Regulations section 1.141-13(d).                  bond issue, the organization routinely engaged bond counsel or 
Complete multiple schedules if necessary to account for all             other outside counsel to review any research agreements 
outstanding tax-exempt bond issues.                                     relating to the financed property.
The organization may omit from Part III information with                Line 4. Enter the average percentage during the year of the 
respect to any bond issue reported in Part I that is a qualified        property financed by the bond issue that was used in a private 
private activity bond other than a qualified 501(c)(3) bond. For        business use by a nongovernmental person other than a 
any other qualified private activity bonds, in Part VI the              section 501(c)(3) organization. See Regulations section 
organization must identify the issue by reference to rows A             1.141-3(g)(4). The average percentage is determined by 
through D of Part I, as applicable, and identify the type of            comparing (i) the amount of private business use (see 
qualified private activity bond.                                        Definitions, earlier) during the year to (ii) the total amount of 
                                                                        private business use and use that isn't private business use 
Line 1. Check “Yes” or “No” to indicate if the organization was         during that year. Don't include costs of issuance reported in Part 
at any time during the reporting period a partner in a partnership      II in the amount of property used in a private business use 
or a member of a limited liability company (LLC) which both             (clause (i) of the preceding sentence), but do include such costs 
owned property that was financed by the bond issue and                  in the total amount of use (clause (ii)). Enter the yearly average 
included as partner(s) or member(s) entities other than a section       percentage to the nearest tenth of a percentage point (for 
501(c)(3) organization.                                                 example, 8.9%). For this purpose, don't include any use relating 
Line 2. Check “Yes” or “No” to indicate if any lease                    to either a management or service contract identified on line 3a 
arrangements that may result in private business use were               that the organization has determined meets the safe harbor 
effective at any time during the year with respect to property          under Rev. Proc. 2017-13, or otherwise doesn't result in private 
financed by the bond issue. The lease of financed property to a         business use. See also Rev. Proc. 2016-44. Similarly, don't 
nongovernmental person other than a section 501(c)(3)                   include any use relating to a research agreement identified on 
organization is generally private business use. Lease                   line 3c that the organization has determined meets the safe 
arrangements that constitute unrelated trade or business of the         harbor under Rev. Proc. 2007-47, or otherwise doesn't result in 
lessor, or that are for an unrelated trade or business of a section     private business use.
501(c)(3) organization lessee, may also result in private               Line 5. Enter the average percentage during the year of the 
business use. See Regulations sections 1.141-3(b)(3) and                property financed by the bond issue that was used in an 
1.145-2(b)(1).                                                          unrelated trade or business activity (a private business use) 
Line 3a. Check “Yes” or “No” to indicate if any management or           by the organization, another section 501(c)(3) organization, or a 
service contract that may result in private business use was            state or local governmental unit. See Regulations section 
effective at any time during the year with respect to property          1.141-3(g)(4). Enter the yearly average percentage rounded to 
financed by the bond issue. For this purpose, answer “Yes”              the nearest tenth of a percentage point (for example, 8.9%).
even if the organization has determined that the management or          Line 7. Check “Yes” or “No” to indicate whether, as of the end of 
service contract meets the safe harbor under Rev. Proc.                 the 12-month period used to report on the bond issue, the bond 
2017-13, 2017-6 I.R.B. 787, available at Rev. Proc. 2017-13,            issue met the private security or payment test of section 141(b)
and won’t result in actual private business use. A management           (2), as modified by section 145, to apply to qualified 501(c)(3) 
or service contract for the financed property can result in private     bonds. Generally, a qualified 501(c)(3) bond issue will meet the 
business use of the property, based on all facts and                    private security or payment test if more than 5% of the payment 
circumstances. A management or service contract for the                 of principal or interest on the bond issue is either made or 
financed property generally results in private business use of          secured (directly or indirectly) by payments or property used or 
that property if the contract provides for compensation for             to be used for a private business use. See Regulations sections 
services rendered with compensation based, in whole or in part,         1.141-4 and 1.145-2.
on a share of net profits from the operation of the facility. See 
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 
                                                                        an entity other than a state or local governmental unit or another 
Line 3b. If line 3a was checked “Yes,” check “Yes” or “No” to           section 501(c)(3) organization. For this purpose, report sales 
indicate if, during the 12-month period used to report on the           and transfers on a cumulative basis since the issuance of the 
bond issue, the organization routinely engaged bond counsel or          bonds.

                                                                    -4-                2022 Instructions for Schedule K (Form 990)

Page 5 of 5       Fileid: … s/i990schk/2022/a/xml/cycle02/source                                12:20 - 23-Aug-2022

The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.

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

2022 Instructions for Schedule K (Form 990)                         -5-