Completing Form 990-PF is a demanding process, and private foundations often encounter two significant challenges: time commitment and complexity. Time Commitment: The IRS estimates that it takes over 200 hours to fully prepare and file Form 990-PF. This includes learning relevant laws (60 hours) and recordkeeping tasks (140 hours). For smaller foundations with limited staff,... Read More
Private foundations can grant money to individuals in four main ways. Each method has different recordkeeping and reporting requirements. Here’s a simplified overview: Scholarships and Loans Through Intermediaries: Grants can be made via public charities, like schools or universities. The foundation can set eligibility criteria (e.g., age, income, field of study). The intermediary manages the... Read More
Churches, religious organizations, and ministers have special tax laws recognizing their unique status and First Amendment rights. According to the IRS, churches that meet the requirements of Section 501(c)(3) are automatically tax-exempt and do not need to apply for formal recognition from the IRS. Even if your local church doesn’t have documentation, you can still... Read More
The demographics of lean foundation boards and staff show significant disparities in diversity compared to the broader U.S. population. Foundation Boards The 2024 Foundation Operations and Management Report reveals White individuals, who make up 59% of the U.S. population, are overrepresented on foundation boards at 89%, while BIPOC individuals, representing 41% of the population, account... Read More
Certainly! This Table of Contents offers you a guide for creating your own Operations Manual for your leanly staffed foundation. The creators intended it to be customized for your specific foundation size, culture, ways of operating, values, and practices. Read More
Yes! Exponent is holding a 990-PF Pre-Conference Tax Seminar on November 13, 2024, in Austin, Texas. Designed for anyone who prepares or signs a Form 990-PF, this signature seminar will give you a thorough understanding of the 990-PF, the 5% payout requirement, expenditure responsibility, and more. Read More