Managing and running a foundation is fantastic work. However, in addition to the joy of grantmaking comes the critically important task of complying with a myriad of tax and other laws governing grantmaking, investment strategies, and public disclosures, to name just a few.
This primer summarizes important laws that are relevant to running a foundation. Being familiar with the applicable laws and regulations will enable you to comply with many on your own and recognize when to hire legal or accounting help for the rest.
Legal Essentials for Small Foundations Table of Contents
I. INTRODUCTION
II. GRANTMAKING ISSUES
- Distribution Requirements
- What You Can Fund with Minimal Effort
- What You Can Fund with a Little Extra Paperwork
- Influencing Public Policy: Doable, But Know the Rules
III. OPERATING AND ADMINISTRATIVE ISSUES
- Excise Tax on Net Investment Income
- Self-Dealing
- Public Disclosure Requirements
- Tax Filing and Recordkeeping Requirements
- Liability
IV. INVESTMENT ISSUES
- Excess Business Holdings
- Standards for Investment Decisions
V. CONCLUSION
VI. RESOURCES
28 pages