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The steps of expenditure responsibility are the federally-mandated procedures a private foundation (and DAFs) must follow for any grant made to a non-charity. While the rules for exercising expenditure responsibility are relatively straightforward, many issues and concerns can…
Does your organization provide parking/transportation benefits to employees or do you already file the Form 990-T? If you answered yes to either of those questions, your organization will owe taxes for 2018 and the filing process is going to be different than it was last year. The Council’s…
IRS Notice 2020-23, issued on April 9, 2020, clarifies that tax-exempt organizations are fully included in COVID-19 relief. Specifically, the filing and tax payment deadlines for IRS Form 990 series (990, 990-EZ, 990-PF, and 990-T) normally due between April 1, 2020 and July 15, 2020 are…
Understanding the challenges of currency fluctuations on international grantmaking, and taking action to minimize their impact can ensure that this natural process does not become an added barrier to overseas giving. This resource focuses on some of the challenges foundations and giving programs…
A Chapter in Mastering Foundation Law:
The Council on Foundations Compendium of Legal Resources
In the United States, organizations that qualify to receive charitable tax-deductible contributions are described in Section 501(c)(3) of the Tax Code. These organizations are divided into two main…
Audits are everywhere these days. Consider:
In the wake of corporate accounting scandals, the Sarbanes-Oxley Act was enacted in 2002, imposing corporate governance reforms on public, for-profit companies, including provisions on how financial audits are managed and carried out by auditors.…
This document is a tool to help you as a private foundation determine when to use expenditure responsibility for grants to public charities.
Lawyers rarely tell foundation managers, "Relax, don’t worry so much!" But in the case of "tipping," that’s been our advice for more than 10 years. What is the so-called "tipping problem" and why are so many foundations (still) so worried about it?
Tipping occurs when a private…
Expenditure responsibility is a five step procedure that is designed to ensure that foundation funds are used for exclusively charitable purposes.
The five basic steps that are required for completing expenditure responsibility include:
Conducting a pre-grant inquiry including a reasonable…
https://cof.org/content/grants-organizations-donor-advised-funds-expenditure-responsibility-required
Use this flowchart to determine if grants from donor-advised funds require expenditure responsibility.