Foundations are governed by a myriad of federal and state laws and rules. A foundation initially must apply to the IRS for its tax-exempt status and once this is granted must comply with ongoing rules and regulations to keep this status. And compliance with state laws is also necessary for the continued recognition of a foundation as a charitable entity. Also, foundation officers must be cognizant of federal and state laws regulating their activities, as violations can subject these individuals to penalties.
Working with someone familiar with these rules – and helping your foundation and its officers comply with them – frees you up to focus on the charitable causes of your foundation.
We help you…
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Apply for tax-exempt status as a foundation with the IRS and state government.
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Understand and exercise your powers and duties as a foundation officer.
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Design effective and efficient accounting systems.
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Maintain proper accounting records.
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Report to federal and state government agencies.
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Determine required annual distributions for charitable purposes.
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Develop policies and procedures to assure compliance with laws and rules governing foundations; document, communicate and monitor compliance with the foundation’s policies and procedures.
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Work as an effective member of the professional team, including attorneys and investment advisers.
Contact us to set up an appointment and discuss your Private Foundation Accounting needs with us today.
