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What requirements must our foundation follow for substantiating contributions to donor-advised funds?
To claim a charitable, gift or estate tax deduction for any contribution to a donor-advised fund, donors must obtain a contemporaneous written acknowledgement from the sponsoring organization…
This handy flowchart can help you determine which funds should be classified as donor-advised under the Pension Protection Act of 2006. Remember, a fund is only a donor-advised fund if:
A donor or person appointed or designated by the donor has, or reasonably expects to have, advisory…
With the pace of change in our world, disruption is a natural state in communities everywhere. Change is the new normal. So how do community foundations, institutions of long-standing tradition that are influential in how communities address change, adapt themselves to the new normal?…
In Notice 2007-21, the Treasury Department and IRS requested comments on issues relating to the organization and operation of donor-advised funds and supporting organizations, to be included in a study of these organizations. The resulting report includes a detailed discussion of the legal…
Question
The same company representatives serve on our company foundation board of directors and our Corporate Contributions Committee. Can we hold the meetings for both programs simultaneously?
Answer
No. While it is possible to hold the meetings for the corporate giving program and…
Question:
Can a company provide office space to the company foundation?
Answer:
A parent company can always provide the company foundation with office space as long as it does so free of charge. While it is even possible for the parent company and the foundation to share the cost of office…
Question: Why do Council on Foundations membership materials and invoices state that if my foundation and corporate giving program share a membership, dues must be paid by the corporation? Is this true for other memberships as well?
Answer: IRS self-dealing rules prohibit private foundations (…
Editable grant agreement for grants requiring expenditure responsibility.
This sample document is being provided for informational purposes and is not to be shared without the permission of the Council on Foundations. Use of the sample document does not create an attorney-client…
Sample foreign grant expenditure responsibility letter.
This sample document is being provided for informational purposes and is not to be shared without the permission of the Council on Foundations. Use of the sample document does not create an attorney-client relationship, and the information…