Private Foundation Requirements and Restrictions
1 hour 30 minutes
Understand which foundation type is best for your goals and the necessary compliance requirements.
It can often be difficult navigating the intricacies of establishing and running a private foundation. Generally, the foundation is birthed out of someone’s good intentions to use their resources to help the world around them. However, with the ever-increasing scrutiny on private foundations by the IRS, it is important to ensure that the board and foundation managers are cognizant of what it truly takes to run the foundation in full compliance with all the rules, regulations, and restrictions. This topic will help you understand not only the right type of foundation for your goals, but also the compliance requirements that need to be adhered to. The material will help you to be able to identify certain transactions and restrictions that could trigger additional excise taxes, or even put the foundation’s exempt status in jeopardy, if left uncorrected. You will receive a general overview of establishing and maintaining a private foundation, from the initial setup to the ongoing recordkeeping.
• You will be able to describe the right foundation setup for your goals.
• You will be able to discuss the main compliance and governance requirements for foundations.
• You will be able to explain the general requirements of a private foundation.
• You will be able to identify the major problem areas to avoid.