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Transfer of Assets to a Public Charity: Private Foundation Termination

Understand how to identify suitable transferee organizations and distribute foundation assets appropriately.

When faced with the task of winding down operations and distributing remaining assets to a public charity, many private foundations often do not know how to navigate the myriad rules and requirements imposed by the tax code. As a result, such private foundations may find themselves with unexpected liabilities in the form of taxes and/or penalties at a time when their administrative capacity is at its lowest. This presentation will help the persons managing the wind-down of private foundations understand first how to identify suitable transferee organizations and distribute foundation assets appropriately and then how to terminate private foundation status without incurring unexpected taxes or penalties. The live webinar also explains how to determine and minimize any potential liabilities in advance and lessen the administrative burden of termination. Failing to have a proper plan prior to terminating private foundation status is one of the most common errors private foundations make when winding down and can lead to avoidable and often expensive liabilities. This workshop is critical for private foundation advisors and fiduciaries so they can ensure their plan for termination meets IRS requirements.

63 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 37 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

Overview of the Four Ways to Terminate Private Foundation Status Under IRC Section 507

  • Voluntary Termination
  • Involuntary Termination
  • Operating as a Public Charity
  • Transfer of Assets to Certain Public Charities

Identifying an Appropriate Transferee

  • General Requirements
  • Common Pitfalls
  • What About DAFs?

Distribution of All Net Assets

  • Effect of Restrictions or Conditions on Distribution
  • Transfers for Specific Purposes and Other Non-Adverse Restrictions
  • Transferee's Assumption of Liabilities
  • Applicability of Chapter 42

Post-Distribution Requirements

  • Filing a Final 990-PF
  • Cessation of Activities and Dissolution
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Over 37 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

OnDemand Course

This course was last revised on October 23, 2023.

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

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

MP3 Download

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

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Why Lorman?

Over 37 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

Nikki Kerman, Esq.

Nikki Kerman, Esq.

Venable LLP

  • Legal Counsel for Venable, LLP
  • Helps clients establish and maintain successful tax-exempt operations while avoiding excise taxes and penalties at both the state and federal levels.
  • Clients include all types of nonprofit and charitable organizations, as well as individual high-net-worth donors and businesses engaged in grantmaking and charitable giving
  • Named one of The Best Lawyers in America and Ones to Watch 2024
  • Practices law in CA and MD
  • Member, Professional Advisory Network, Motion Picture, and Television Fund
  • Former President of Los Angeles County Bar Association’s Exempt Organizations Committee
  • J.D. Duke University School of Law; B.A. Columbia University
  • Can be contacted at [email protected]; 310-229-0371
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Why Lorman?

Over 37 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: 409665
Published 2023
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