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Private Foundation Requirements and Restrictions

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.

60 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

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
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

MP3 Download

  • Arizona CLE 1.0
     
  • CA MCLE 1.0
     
  • CT CLE 1.0
     
  • HI CLE 1.0
     
  • NJ CLE 1.2
     
  • VT CLE 1.0
     
  • WA CLE 1.0
     
  • WV MCLE 1.2
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

OnDemand Course

This course was last revised on November 18, 2021.

Call 1-866-352-9540 for further credit information.

  • AIPB 1.0
     
  • This program is acceptable for 1.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Jennifer L. Beames, CPA

Jennifer L. Beames, CPA

Friedman LLP

  • Tax Manager, Friedman LLP
  • Experienced tax professional specializing in IRS and State compliance for not-for-profit entities and foundations; her previous background in auditing and accounting supports her tax expertise and offers comprehensive insight into the financial concerns of nonprofit organizations, both large and small
  • Serves as a go-to resource for nonprofit and foundation tax compliance within the firm, spanning the tri-state area; she has also taught Best Practices CPE, internally for Friedman LLP, guiding staff in 990 preparation and review procedures
  • Member of the AICPA and NJCPA, member of the board of Friedman LLP’s Women’s Development Network, bember of the committee of Friedman LLP’s nonprofit group
  • B.S. degree in business, concentration in accounting; licensed CPA in New Jersey
  • Can be contacted at 267-886-1742 or [email protected]
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 408207
Published 2021
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