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The legal and tax implications for community foundations accepting donations from private foundations, and qualifying distributions of taxable expenditures. Additional insight into converting a private foundation into a supporting organization of a community foundation.
If our organization holds donor-advised funds, what information must we provide on Form 990?
A sponsoring organization, such as a community foundation, must disclose on Schedule D, Part I of its 990 the following information:
Number of donor-advised funds owned;
Aggregate value of assets…
Affected transactions: Returns filed for taxable years ending after August 17, 2006.
Are all supporting organizations required to file Form 990?
Yes. Prior to the enactment of the Pension Protection Act of 2006, public charities that normally received less than $25,000 in annual gross…
Contributions of clothing and household items
Section 1216 of the Pension Protection Act of 2006 (PPA) imposes requirements for contributions of clothing and household items to charity. The provision is effective for contributions made after the date of enactment (August 17, 2006).
In general…
The Pension Protection Act of 2006 (PPA) imposes requirements for determining the charitable deduction permitted for gifts of fractional interests in tangible personal property.
What contributions are affected?
These requirements apply to contributions made after August 17, 2006.…
Under the Pension Protection Act of 2006 (PPA), the rules for public disclosure of the Form 990-T by public charities and private foundations became identical to those for Form 990.
Which forms are affected?
Any Form 990-T filed after August 17, 2006.
What are the public disclosure…
The Pension Protection Act of 2006 (PPA) has introduced filing requirements for split-interest trusts such as charitable remainder trusts and pooled income funds.
Which returns are affected?
These requirements apply to returns for taxable years beginning after December 31, 2006.
What are…
Under the Pension Protection Act of 2006 (PPA), any organization that is not required to file Form 990 because it is a “small public charity” will be required to submit an annual 990-N report to the IRS. The IRS posted FAQ's with additional information about the filing requirement. A “small public…
Introduction
Nonprofits place their endowment funds with community foundations for a variety of reasons, including investment expertise, efficiencies, and access to planned giving advice and services. As nonprofit organizations seek to place their assets and partner with the foundation,…
Community foundations have one thing in common: When it comes to administrative fee structures, no two are alike. While there's no one right answer, it's important to review and compare your foundation’s fee structure to other foundations of comparable size. Many community foundations are doing…