Private Foundations

Imagine the extra care you would take if your individual income tax return was published on the internet! Private foundation tax returns are public documents and published on Guidestar.org for everyone to see. In addition, private foundations can be subject to significant excise taxes that can cripple the foundation and cost the board members personally. Our goal is to keep private foundations out of trouble, to present them in the best possible light, and to assist with many of the challenges of administering them.

Under the California Nonprofit Integrity Act of 2004, an independent financial statement audit is required for charities, including private foundations, with gross annual revenues of $2 million or more. The $2 million requirement includes gifts made to the private foundation, so the Board might be caught off guard in a year when a major gift is received. Sometimes proper planning can avoid having to pay for the cost of a financial statement audit. When an audit is required, we have a dedicated and experienced team that can handle this requirement. Charitable planning goes hand and hand with private foundations. Our firm has extensive experience with planned giving and deciding the right vehicle for this giving, whether it be a private foundation, a donor-advised fund, or a charitable trust we will get to know your situation and recommend the best solution for you.

WFY Can Assist Your Organization with These Relevant Services:

• Private Foundation Form 990 Tax Return Preparation
• Private Foundation Audits
• Private Foundation Accounting
• Private Foundation Tax Consulting & Compliance
• Public Charity Form 990 Tax Return Preparation
• Charitable Giving Guidance & Planning
• Private Operating Foundation Guidance
• Public Support Testing
• Required Minimum Distribution Analysis
• Excise Tax Calculations & Guidance
• Unrelated Business Taxable Income Analysis
• IRS Audit Representation