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Nonprofit entities place their investments with community foundations ("the Foundation") for a variety of reasons, including investment expertise, efficiencies, and access to planned giving advice and services. As nonprofit entities seek to place their assets and…
Note
The information below was originally developed by the Finance, Administration & Operations Group (FAOG) Accounting Practices Committee and was last updated Aug. 19, 2010. It was updated in 2025 by the FAOG Accounting Practices Committee, in collaboration with Baker Tilly US, LLP, and…
It is extremely rare for an organization to lose its tax-exempt status. When it happens, it's typically the end result of a three-step process: (1) The IRS conducts an examination of the tax-exempt organization; (2) the IRS issues a letter to the organization proposing revocation; then (3) the…
The Economic Scenario Planning (ESP) model is designed to help community foundations of any size and shape create five-year forecasts and plan for multiple scenarios. Community foundations using the model cite important benefits, often revising goals or making operating model changes as a result.…
Question: Our staff just received a request for a copy of our foundation's Form 990-PF. Are we required to provide this information?
Answer: Yes. A foundation’s tax return on Form 990-PF provides a wealth of information about the organization including asset size, board members, salary…
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…
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…