Private foundations, which typically are funded by a single company, family, or individual, are more highly regulated than public charities. Federal tax law regarding private foundations contains highly nuanced rules regarding taxes on net investment income, income distribution requirements, self-dealing, excess business holdings, investments that jeopardize charitable status, and taxable expenditures.
Our experienced lawyers guide our private foundation clients on how to manage their assets and conduct their activities to stay within the law, affording them the confidence that their time and resources will be spent to further their charitable mission.
- Forming and securing tax exempt status for independent, family and corporate foundations
- Conducting legal audits to ensure compliance
- Structuring transactions to avoid both direct and indirect self-dealing
- Addressing and correcting self-dealing, minimum distribution and other violations
- Qualifying as a private operating foundation, supporting organization, or other special status
- Providing advice and legal opinions regarding program-related investments
- Mergers and dissolutions
- Compensation issues
- Represented New York private family foundation with $20 million of assets in obtaining NY Attorney General approval of merger with Delaware non-stock corporation
- Provided comprehensive internal investigation of California private foundation to identify, correct, and report possible self-dealing violations
- Provided independent compensation committee services to numerous private foundations to analyze compensation packages for foundation insiders