Private Foundation Requirements and Restrictions (OnDemand Webinar)

$149.00

SKU: 408207EAU

Description

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 everincreasing 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.

Date: 2021-11-18 Start Time: End Time:

Learning Objectives

Background/the Set Up
• Defining/Differentiating Foundations
• Getting Started/Applying for Exempt Status/Considerations in Determining the Right Setup
• Considerations of Funding Sources and Tax Ramifications

Self-Dealing
• Private Benefit Doctrine
• Prohibited Transactions
• Exceptions/Correction

Distribution Requirements
• Minimum Requirement
• What Qualifies?
• Penalty for Noncompliance

Problematic Matters/Restrictions
• Excess Business Holdings
• Jeopardizing Investments
• Taxable Expenditures
• UBIT

Recordkeeping
• Grants
• General Bookkeeping
• Responsibility to Donor

AIPB ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

Jennifer L. Beames, CPA-Friedman LLP