Private foundations, if operated correctly, can provide significant benefits to individuals, families, and companies. Private foundations also provide tax benefits to taxpayers and enable them to build a long-lasting tradition of charitable giving.
This primer offers an overview of private foundations and can help you:
- Educate yourself about various charitable vehicles.
- Determine the type of private foundation.
- Structure the foundation.
- Establish your foundation with the state.
- Obtain an Employer Identification Number.
- Apply for tax-exempt status with Federal and State governments.
- Operate the private foundation in accordance with the law.
Whatever your situation, this primer offers valuable information about advantages and disadvantages of starting a private foundation and when to seek legal and professional assistance during the process.