Resource Search Results - Exponent Philanthropy


Results for:   Topic: “Tax and Legal”  

Public Disclosure Requirements

As a private foundation, you are required to make the following documents available to the public: Form 990-PF, the annual information return filed with the Internal Revenue Service (IRS), for the 3 most recent years Form 1023, the application for federal tax-exempt status (and all related correspondence with the IRS) Form 990-T, the unrelated business... Read More

Minimum Private Foundation Requirements

Here are the things a private foundation must do every year to remain a private foundation and stay out of trouble: Pay your annual excise tax on the foundation’s net investment income through quarterly estimated payments. File your federal tax returns and comply with state filing rules. Meet your annual minimum distribution requirement through grants... Read More

Self-Dealing Issues for Private Foundations That Co-Invest With Disqualified Persons

Private foundations, or PFs, occasionally consider making investments in vehicles in which one or more of their disqualified persons, or DPs (e.g., officers, directors, substantial contributors) also have invested or also are considering an investment. This article focuses on issues raised for investments in vehicles that are owned and managed by persons unrelated to the... Read More

Should We Convert to an Operating Foundation?

Foundations frequently wonder what costs are acceptable to incur while making grants. Grantmaking foundations that have higher-than-average costs often defend themselves by pointing out they sometimes include direct charitable activities (DCAs) in their administrative costs, which are part of their 5% qualifying distributions. These grantmaking foundations sometimes sponsor charitable work, such as convening meetings of... Read More

Supporting Organizations

Supporting organizations are 501(c)(3) public charities with a subclassification of 509(a)(3), whose legal structure is formed with a certain relationship with one or more other public charities, the “supported” organization(s). Supporting organizations might be university or hospital foundations; foundations created to support libraries, elementary schools, or other governmental units; or trusts created by individuals to... Read More

Tax Filing Methods

A foundation must deposit all depository taxes (e.g., employment tax, excise tax, and unrelated business income tax) electronically using the Electronic Funds Transfer. Generally, such transfers are made using the Electronic Federal Tax Payment System (EFTPS). If the foundation has not yet used EFTPS, enrollment will be required. After the foundation’s information is validated with... Read More