This guide is for professional advisors whose clients want to formalize their charitable giving through a giving vehicle such as a Donor Advised Fund (DAF) or a private foundation. Experienced professional advisors know that helping clients find the best giving vehicle available for them creates a win-win situation. The clients will be happier with a vehicle that is a... Read More
Do you want to learn how to start a private foundation? Private foundations can provide significant benefits to individuals, families, and companies, if operated correctly. They also provide tax benefits to taxpayers and enable them to build a long-lasting tradition of charitable giving. Generally, a Private Foundation Has 4 Characteristics: It is a charitable organization;... Read More
It is becoming increasingly common for foundations to consider closing shop. While the reasons you’re contemplating this option may be straightforward, the process of closing can be complicated. The primer walks you through the strategy choices, tasks, and legal steps of closing shop so you can be confident that you know the main legal issue... Read More
How do you know if your foundation’s Form 990-PF is true, correct, and complete? Can you simply assume an accountant will get it right? Unfortunately, the answer is no. In fact, regulators estimate that at least 25% of all 990-PFs have errors. Despite this statistic, there is hope. This primer highlights problem areas, offers tips,... Read More
Foundation boards and their accountants often use different formats for financial statements. In response, a group of experienced foundation financial officers, CPAs, and attorneys developed a uniform financial reporting system as a model for any private foundation. This uniform system can: Help your foundation prepare your Form 990-PF. The statements were created with the Form... Read More
How do you avoid self-dealing? The IRS developed self-dealing rules to ensure that foundations use their assets solely for charitable purposes. However, foundation managers not familiar with the law can find themselves violating self-dealing rules without even knowing it, or having any self-serving intent. And, ignorance of the rules or acting without malice will not excuse... Read More