Private foundations are tax-exempt organizations that typically receive most or all of their donations from a single business, individual, or family. They generally make grants to other tax-exempt organizations instead of conducting their own operations, and face more complex and strict compliance requirements than those governing public charities.
In our private foundation practice, we help founders and other donors, directors and staff navigate these compliance requirements to achieve their philanthropic goals. We establish new foundations, obtain recognition of tax exempt status from the IRS and assist with state charities law compliance. We provide advice regarding corporate life cycle transactions (such as merging together two family foundations or dividing one family foundation into several), board governance matters and policy development, and drafting and negotiating grant and other agreements. We also provide counsel on unique tax rules applicable to private foundations, such as the taxes on self-dealing transactions and excess business holdings and the private foundation termination tax.
Private foundations are tax-exempt organizations that typically receive most or all of their donations from a single business, individual, or family. They generally make grants to other tax-exempt organizations instead of conducting their own operations, and face more complex and strict compliance requirements than those governing public charities.
In our private foundation practice, we help founders and other donors, directors and staff navigate these compliance requirements to achieve their philanthropic goals. We establish new foundations, obtain recognition of tax exempt status from the IRS and assist with state charities law compliance. We provide advice regarding corporate life cycle transactions (such as merging together two family foundations or dividing one family foundation into several), board governance matters and policy development, and drafting and negotiating grant and other agreements. We also provide counsel on unique tax rules applicable to private foundations, such as the taxes on self-dealing transactions and excess business holdings and the private foundation termination tax.
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