Foundations typically approach most grants as a team sport, debating their merits and deciding, collectively, whether they’re likely to achieve the foundation’s goals. However, in addition to granting as a group, some foundations give their board and/or family members a portion of funds to donate as individuals. This practice, called discretionary grantmaking, is legally permitted... Read More
This legal basics module of the Foundations 101 virtual seminar, offers an overview of all private foundations rules, from filing the Form 990-PF to public disclosure rules and the self-dealing rules. This survey of the rules will empower you to know when to raise questions with a legal professional. By the end of this module... Read More
As managing director of a small family foundation, I had often wondered what would happen if the Internal Revenue Service (IRS) or the state attorney general came knocking on our foundation’s door. Would we be prepared for an audit? Would the foundation be in compliance with legal and tax reporting requirements? Did our original organizational... Read More
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
There isn’t a right or wrong way to administer your foundation—staffed or unstaffed, paid or volunteer, consultant or employee. Choose the right model for you Volunteers Many small foundations are administered entirely by volunteers. Often, a founder or board member responds to calls, keeps records, and pays bills, just to name a few common tasks;... Read More
Private foundations play an important role in communities across the country—filling the shelves of food pantries, employing directors of youth centers, advocating for human rights, and much more. Opportunities abound for you to make a difference through private foundation giving. How do you determine if a private foundation is right for you? Know the field... Read More