Finance & Accounting
Is your organization in compliance with filing its Form 990 and the public disclosure rules that apply to charities?
Legal Compliance Guidance
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 requirements…
Legal Compliance Guidance
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 receipts…
Tax Reporting for Organizations that Hold Donor-Advised Funds
Legal Compliance Guidance
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 held…
External Resource
Explains the federal tax law for organizations such as charities and churches that receive tax-deductible charitable contributions, and for taxpayers who make contributions.
Providing Large Grants to Small Grantees
Legal Compliance Guidance
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…
External Resource
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-…
Legal Compliance Guidance
This memorandum considers whether adoption of the Uniform Prudent Management of Institutional Funds Act (UPMIFA) requires changes to existing guidance regarding the reporting and classification of assets held by community foundations. Current guidance is incorporated in a 1997 memorandum, Report on…
Legal Compliance Guidance
By Susan E. Budak and Susan N. Gary
The widespread adoption of the Uniform Prudent Management of Institutional Funds Act (UPMIFA) across the country has already been of great help to charities, in part because the financial markets collapsed just months after the uniform act was approved. Most, if…
Legal Compliance Guidance
Things to do NOW – “An Ounce of Prevention...”
Review your organization’s activities – seems simple and basic, but the IRS will be certainly asking about them and the audit context is not the time to learn about someone’s pet project for the first time. Do you have documentation to establish the…
Publication
Community foundations understand how the traditional community foundation business model falls short of new aspirations. Sustainability is an ongoing challenge and many community foundations work towards continually adapting their business model to support a changing context and achieve enough…
Learning from the Future: A Resource for Planning Ahead
Publication
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…
Fueling Impact: A Fresh Look at Business Model Innovation and New Revenue Sources
Publication
Do you want to know how community foundations are finding innovative new sources of support, and diversifying their revenue base? How new revenue sources strengthen each community foundation's differentiation and sustainability? Difficult economic times in 2008-2010 have been an important wake-up…
Taking Informed Action in Challenging Times: Helping Community Foundations during Economic Downturn
Publication
Following up on CF Insights' November 2008 report "Making Informed Decisions in Uncertain Times", this report is aimed at helping community foundations take informed action in relation to their operating models and community activities in reaction to the economic slump. The findings are based on…