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A Chapter in Mastering Foundation Law:
The Council on Foundations Compendium of Legal Resources
This chapter examines Uniform Prudent Management of Institutional Funds Act (UPMIFA) and other laws that govern the management and investment of endowments and other foundation financial assets. It…
A Chapter in Mastering Foundation Law:
The Council on Foundations Compendium of Legal Resources
This chapter addresses what foundations should expect from an audit. Nonprofits, including private foundations, are bracing for an uptick in audit activity from the Internal Revenue Service (IRS) as…
Question: Our foundation has been funding a local nonprofit for the last ten years. The nonprofit has one full-time employee and an annual operating budget of about $300,000. The nonprofit recently requested a $50,000 grant for operating expenditures or it will have to close down immediately. Even…
Question: A public television station provides thank-you gifts of varying values based upon the amount of a donor’s contribution. An employee of a corporation makes a gift to a local public television station. Can the corporate foundation match the gift as part of its matching gift program, even…
Every organization exempt under Section 501(c)(3) of the Internal Revenue Code is required to disclose certain information to the public:
The organization’s exemption application, Form 1023, is subject to public disclosure, along with any documents supporting the application and any letters…
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…
This white paper provides a review of critical governance issues that foundations must consider to remain in compliance with prevailing and emerging laws and regulations. Readers can expect content focused on trustee fiduciary responsibilities as relates to duties of care, loyalty, and…
Tax-exempt organizations must make annual returns and exemption applications filed with the IRS available for public inspection and copying upon request. In addition, the IRS makes these documents available. These FAQs relate to the public disclosure and availability of documents filed by tax-…
Explains the federal tax law for organizations such as charities and churches that receive tax-deductible charitable contributions, and for taxpayers who make contributions.