When it comes to filing Form 990-PF, preparation is key. Whether you’re handling the form yourself or hiring a professional, having the necessary documents organized and accessible is essential. This guide will help you categorize your expenses, organize your files, and provide general tips to ensure a smooth filing process. Categorizing Expenses To simplify the... Read More
No topic within private foundation rules raises as many questions and concerns as self-dealing. The self-dealing rules prohibit a range of transactions between private foundations and their insiders (called disqualified persons) to ensure that foundation assets are used for charitable purposes rather than private benefit. Common Acts of Self-Dealing The self-dealing rules are broad and... Read More
Our highly-rated publication for members provides a wealth of information and inspiration in one easy read. In this issue: Essentials for Creating Grant Guidelines A Call for Catalytic Leadership in Philanthropy Is This Self-Dealing? Three Quick Questions to Ask 7 Types of Successful Philanthropists How Racial Equity Supports Better Grantmaking Practices Grantmaking for Equity: Essential,... Read More
Your board is responsible for ensuring adherence to legal standards and ethical norms. Trustees must ensure that the foundation follows its articles of incorporation, bylaws, and policies, complies with federal and state requirements, and holds to its purpose to serve the public good. The board also serves as the foundation’s moral compass, protecting it from... Read More
A private foundation must make annual charitable expenditures, called qualifying distributions, equal to at least 5% of the fair market value of its previous year’s endowment. Thus, a foundation with average assets of $5 million in fiscal year 2022 must make roughly $250,000 of qualifying distributions by the end of its next fiscal year, or December... Read More
Every year, many foundations file their IRS Form 990-PFs with inaccuracies and mistakes that can cost their wallet and reputation. Private foundations that don’t have the in-house technology to meet this requirement may seek assistance from tax advisors to avoid these errors. One such example is that starting with the 2020 tax year, Form 990-PFs... Read More