Nonprofit Law

4.5

Private Foundations: The Complete Guide

Credits Available
Credit Status Total
Alaska CLE Approved 6 Total
Arizona CLE Approved 6 Total
California CLE Approved 6 Total
Colorado CLE Approved 7 Total
Connecticut CLE Approved 6 Total
Delaware CLE Approved 6 Total
Hawaii CLE Approved 6 Total
Idaho CLE Upon Request 6 Total
Illinois CLE Approved 6 Total
Maine CLE Approved 6 Total
Minnesota CLE Approved 6 Total
Missouri CLE Approved 6 Total
Northern Mariana Islands CLE Approved 6 Total
Montana CLE Approved 6 Total
North Dakota CLE Approved 6 Total
Nebraska CLE Approved 6 Total
New Hampshire CLE Approved 6 Total
New Jersey CLE Approved 7.2 Total
New Mexico CLE Approved 6 Total
Nevada CLE Approved 6 Total
New York CLE Approved 7 Total
Oklahoma CLE Approved 7 Total
Oregon CLE Approved 6 Total
Pennsylvania CLE Approved 6 Total
Rhode Island CLE Upon Request 6 Total
Vermont CLE Approved 6 Total
Washington CLE Approved 6 Total
Wisconsin CLE Approved 7 Total
West Virginia CLE Approved 7.2 Total
OnDemand
5 hours 50 minutes
Paul Roy
With Paul M. Roy from Withers Bergman LLP
Recorded January 25, 2024
Product ID 97876

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Overview

Legal and Tax Compliance and Planning Essentials

How confident are you in your knowledge of how private foundations are to be created and operated? Do you have the latest information on compliance and transparency requirements? Are you maximizing the tax-planning opportunities while ensuring audit-proof procedures? This practical guide to private foundations offers strategic guidance steeped in years of our faculty's experience. Register today!

  • Get a practical refresher on the basics of private foundations and compare them to public charities.
  • Explore best practices for drafting bylaws that can withstand disputes and legal scrutiny.
  • Get tips for qualifying an entity as a private foundation.
  • Advise foundation boards regarding a variety of issues, including investments and grants.
  • Prevent director misconduct and other compliance hurdles with a strong grasp of rules and safeguards.
  • Better understand the use of Form 990 and avoid common errors.

Abbreviated Agenda

  1. Private Foundations Overview
  2. Incorporating and Obtaining the Exemption: Key Documents and Procedures
  3. Funding Private Foundations: Best Assets to Use, Top Tactics
  4. Operation, Governance, and Succession Essentials
  5. Recordkeeping Requirements
  6. Applying Private Foundation Tax Rules
  7. Filing Tax Returns (IRS Form 990-PF and IRS Form 990-T)
  8. Legal Ethics

Related Topics

Product ID 97876

Credit Details

Credits Available
Credit Status Total
Alaska CLE Approved 6 Total
Arizona CLE Approved 6 Total
California CLE Approved 6 Total
Colorado CLE Approved 7 Total
Connecticut CLE Approved 6 Total
Delaware CLE Approved 6 Total
Hawaii CLE Approved 6 Total
Idaho CLE Upon Request 6 Total
Illinois CLE Approved 6 Total
Maine CLE Approved 6 Total
Minnesota CLE Approved 6 Total
Missouri CLE Approved 6 Total
Northern Mariana Islands CLE Approved 6 Total
Montana CLE Approved 6 Total
North Dakota CLE Approved 6 Total
Nebraska CLE Approved 6 Total
New Hampshire CLE Approved 6 Total
New Jersey CLE Approved 7.2 Total
New Mexico CLE Approved 6 Total
Nevada CLE Approved 6 Total
New York CLE Approved 7 Total
Oklahoma CLE Approved 7 Total
Oregon CLE Approved 6 Total
Pennsylvania CLE Approved 6 Total
Rhode Island CLE Upon Request 6 Total
Vermont CLE Approved 6 Total
Washington CLE Approved 6 Total
Wisconsin CLE Approved 7 Total
West Virginia CLE Approved 7.2 Total
Select Jurisdiction
CLE

Agenda

All times are shown in

  1. Private Foundations Overview

    1. What is a Private Foundation? Core Concepts, Terms, and Definitions
    2. Types of Private Foundations
    3. Public Charities vs. Private Foundations
    4. Private Foundations vs. Charitable Trusts
    5. Non-Operating Foundations vs. Operating Foundations
    6. The Use of LLCs (and L3Cs) for Nonprofits

  2. Incorporating and Obtaining the Exemption: Key Documents and Procedures

    1. Liability Associated With Unincorporated Organizations
    2. Articles of Incorporation - Key Provisions to Include
    3. Mission Statement
    4. Conflict of Interest Policy
    5. Obtaining the Exemption (Form 1023): What to Include?

  3. Funding Private Foundations: Best Assets to Use, Top Tactics

  4. Operation, Governance, and Succession Essentials

  5. Recordkeeping Requirements

  6. Applying Private Foundation Tax Rules

    1. Mandatory Distributions and Excise Tax
    2. Qualifying Distributions
    3. Charitable Activities
    4. Tax Benefits (and Disadvantages)
    5. Taxes on Self-Dealing
    6. Investments That Jeopardize the Exempt Purposes
    7. Top Unrelated Business Income Tax (UBIT) Mistakes
    8. Taxable Expenditures

  7. Filing Tax Returns (IRS Form 990-PF and IRS Form 990-T)

    1. IRS Form 990-PF and IRS Form 990-T
    2. Timeline, Dates, and Other Requirements
    3. Contributions, Disbursements, Expenses, Sales of Assets, Capital Gains, and Similar Items

  8. Legal Ethics

    1. Multiple Representation Issues: Who is the Client?
    2. Attorney-Client Confidentiality Within the Different Levels of an Organization
    3. Confidentiality vs. Disclosure to the IRS
    4. Self-Dealing Situations
    5. Excessive Compensation
    6. Direct Referrals From Board
    7. When the Attorney Must Resign

Who Should Attend

This program is designed for attorneys. Accountants, tax professionals, directors, fiduciaries, and paralegals may also benefit.

Speakers

Paul M Roy
Paul M.
Roy
Withers Bergman LLP
Speaker bio
Paul M Roy

Paul M. Roy

Withers Bergman LLP
Paul Roy

is an attorney with Withers Bergman LLP. He leads the firm's philanthropic and charitable organizations practice on the East Coast. Mr. Roy has been with Withers Bergman LLP and its predecessor for nearly 34 years. His practice focuses on domestic and international estate planning; advising private foundations and other non-profit organizations on tax matters; as well as counseling wealthy individuals with respect to planned giving and tax-exempt organizations. Mr. Roy has written numerous articles on domestic and international estate planning, and is a frequent speaker on legal matters that are relevant to artists, dealers, museums, and other charities. He earned his law degree from Georgetown University and his bachelor's degree from the University of Pennsylvania's Wharton School of Business.

View full profile

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