Although all 501(c)(3) organizations are organized and operated exclusively for religious, charitable, or educational purposes, there are two main types of organizations that fall under this classification: public charities and private foundations. Organizations that qualify as public charities do so by having significant public influence, such as a third or more of their income’s coming... Read More
A key to completing or reviewing the Form 990-PF is to have the required source documents available and organized before you start—even if you are hiring someone to complete the form for you. Categorizing Expenses For easier access to what you need, it can be helpful to categorize expenses throughout the year as follows: Administration... Read More
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
Private foundations are subject to several sections within the Internal Revenue Code (IRC). The following list is not comprehensive but addresses eight sections that will guide foundation managers throughout the life of the foundation: Section 4940 imposes an annual excise tax on a private foundation’s net investment income. Foundations will need to pay taxes on... 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
Self-dealing is prohibited; conflicts of interest can be managed. But the intricacies of the two can be confusing. In this webinar, led by attorney Darren B. Moore of Bourland Wall & Wenzel, find clear, easy-to-follow steps to help you recognize each, avoid self-dealing, and manage conflicts of interest. Learn the laws, discuss common situations and... Read More