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Abstract: 

It’s tax time again. May 15th marks the due date for the last of the 2003 990-PFs, the annual informational return designed to provide the IRS and the public with essential information about the foundation’s operation. Because the return consists of 12 pages and an unlimited number of attachments, reading it may appear painful. But it’s a necessary habit to develop. The annual foundation return offers board members a quick way to exercise oversight to ensure the foundation is in compliance with the law. And don’t forget, each board member is responsible for the information contained in the return.

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