fsupport, Author at Foundation Source

Sagewind looks to leverage DoD modernization; Webster exits Retina Consultants

fsupport — Wed, 06 Nov 2024 13:27:38 +0000

PE Hub: Sagewind looks to leverage DoD modernization; Webster exits Retina Consultants

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Foundation Source obtains Vennfi

fsupport — Fri, 18 Oct 2024 09:33:33 +0000

PBI: Foundation Source obtains Vennfi

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Wealthy millennials and Gen Z are redefining philanthropy

fsupport — Thu, 10 Oct 2024 20:04:20 +0000

CNBC: Wealthy millennials and Gen Z are redefining philanthropy

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New gen generosity: How are Gen Z and Millennials changing philanthropy?

fsupport — Fri, 04 Oct 2024 19:30:06 +0000

Philanthropy Australia: New gen generosity: How are Gen Z and Millennials changing philanthropy?

The post New gen generosity: How are Gen Z and Millennials changing philanthropy? appeared first on Foundation Source.

What donors need to know before — and after — writing that check

fsupport — Fri, 28 Jun 2024 02:58:24 +0000

CRAIN CURRENCY: What donors need to know before — and after — writing that check

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5 Ways to Level Up Your Charitable Giving in 2023

fsupport — Thu, 12 Jan 2023 12:33:55 +0000

Kiplinger: 5 Ways to Level Up Your Charitable Giving in 2023

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7 Ways You Can Make a Donation to Charity

fsupport — Tue, 29 Nov 2022 22:42:18 +0000

Balance: 7 Ways You Can Make a Donation to Charity

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How to Add a Foundation Person to Your Foundation

fsupport — Mon, 07 Nov 2022 19:38:15 +0000

What other FSOL enhancements were done to help you manage your Foundation?

Members, and Foundation Representatives on their behalf, can edit Member profile information. Need a confirmation email? You got it!
Foundation Representatives can also now update the Foundation’s information

Checkout our comprehensive list of FAQs to answer all your questions.

Need help or have a question? We’re still just a call or email away! Please reach out to your Private Client Advisor and they will be happy to assist you.

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Establishing Your Private Foundation

fsupport — Sun, 25 Sep 2022 03:24:40 +0000

The Benefits of Working with Us for Foundation Creation

Experience: We have established more than 1,000 private foundations, with a 100% success rate in gaining exempt status. You get peace of mind knowing that our process is tested and proven.

Speed: We have experienced staff and a highly refined process devoted to the fast and efficient creation of private foundations. We can usually have a new foundation up and running, ready to make grants, in less than one week.

Cost: While cost is only one piece of the equation, it is an important one. Our fees are significantly less than those typically charged by others.

What’s Included?

Services include:

Creation of a Delaware non-stock corporation
Certificate of Good Standing from the state of Delaware
Bylaws and essential governance policies/ guidelines for a private foundation
Services of a registered agent in Delaware for the corporate entity
Completed Application for Employer Identification Number (Form SS-4)
Completed Tax Information Authorization (Form 8821)
Completed Application for Recognition of Exemption (Form 1023)
Filing of all signed forms returned to us
Tracking of Form 1023 while pending with the IRS
Handling of any routine inquiries from the IRS regarding Form 1023

How long does it take?

We can create the Delaware non-stock corporation in one week or less from receipt of the completed application. We can typically create the Application for Request of Exemption (Form 1023) during the same week, but this is dependent on scheduling a call with the donor to obtain the necessary information.

Upon a favorable ruling from the IRS, the effective date of the foundation’s exempt status is retroactive to the date of the foundation’s formation. Due to our extensive experience with this filing, you can rest assured it will be prepared and filed correctly the first time to avoid unnecessary delays.

Ongoing Foundation Management

After your foundation is set up, we take care of everything you need to keep your foundation running smoothly, including compliance monitoring, transaction processing, tax preparation and filing, and financial and regulatory reporting. You’ll get a web-based console for managing day-to-day foundation activities, and a dedicated Private Client Advisor who gets to know you and your foundation. Have a question or want to explore the many capabilities of your foundation? Your virtual staff of tax, legal, and philanthropic experts is at your service.

The only functions we don’t provide are investment management, legal representation, and personal accounting services. However, we work closely with the trusted advisors you designate.

Getting Started

It’s as easy as 1–2–3:

1. Choose a name for your private foundation. You can name it after your family, the cause you champion, or whatever happens to inspire you.

2. Complete the brief set-up questionnaire. This tells us who will fund the foundation and where the foundation’s investment account will reside.

3. Fund your foundation and start giving. We recommend minimum initial funding of at least $1 million.

Questions? Contact us at 800-839-0054 or info@foundationsource.com.

The post Establishing Your Private Foundation appeared first on Foundation Source.

Direct Charitable Activities

fsupport — Fri, 23 Sep 2022 11:21:50 +0000

What Is a Direct Charitable Activity?

When a private foundation runs a program or activity by itself rather than supporting a nonprofit to carry it out, it is called a DCA.

Private foundations sometimes choose to engage in DCAs because they have identified an important need they wish to address, and, in conducting research, find that there is no nonprofit currently addressing the issue. In other cases, a foundation may decide it is better positioned to run a particular program than a nonprofit grantee. And sometimes, by “road testing” a new idea and proving its efficacy, the foundation can inspire other funders to lend support to an important program.

Examples of successful DCAs we’ve seen include:

• Re-purposing used lockers from a country club for use by a public school.
• Opening a mathematics museum to illustrate to children the importance of math in everyday life.
• Purchasing business attire for low-income jobseekers.
• Removing gang tattoos from paroled prisoners so they can more easily return to the workforce.

Delivering Indestructible Fun

The Sager Family Traveling Foundation and Road Show wanted to create and distribute an “indestructible” soccer ball that would enable impoverished children around the world to play in rough areas where other balls might go flat. The Sagers were aware that children in developing countries, lacking access to decent soccer balls, often fashion their own from bundles of garbage, which can be dangerous—and certainly keeps many young players from bending it like Beckham.

Working with a Canadian design company, the foundation created indestructible soccer balls and gave them away at venues such as the 2010 World Cup in Cape Town, South Africa, to encourage athletics and cooperation among children from different backgrounds all over the globe.

When to Be Cautious

Everyone knows foundations can be penalized for supporting activities that are not deemed charitable, so how does one know if a given activity will be viewed by the IRS as charitable in nature? As there is no centralized list of approved DCAs, one good rule of thumb is to see if there are nonprofits already addressing the cause you have identified. If so, you can be reasonably confident that your DCA will be viewed by the IRS as charitable. If your proposed activity is less clear-cut, you may need to convince the IRS that your proposed DCA is charitable and/or seek permission to proceed in the form of a Private Letter Ruling.

Though DCAs often seem straightforward, we recommend that you undertake them with experienced legal guidance in order to validate the charitable intent of your cause. For example, imagine that your foundation chose to self-publish and sell a book on environmental conservation. While this activity sounds charitable on the surface, you may need to justify how the foundation’s approach differs from a commercial publisher: Does the foundation plan to distribute the book broadly at little or no cost? Is the topic so arcane that no commercial publisher would consider publishing this text?

If the IRS determined that the foundation published the book in a manner indistinguishable from that of a commercial publisher, it may be deemed an “unrelated business activity.” A foundation that engages in an unrelated trade or business as a substantial part of its activities is in danger of losing its tax exempt status (although the IRS will generally consider all facts and circumstances before taking this ultimate step).

After more than two decades of work with more than 2,000 private foundations, we have had the opportunity to facilitate many DCAs, and we know that our clients find them especially rewarding. By taking a hands-on approach to running a program, our clients see their impact directly, rather than just reading about results in a grant report.

Though DCAS often seem straightforward, we recommend that you undertake them with experienced legal guidance.

Necessity, the Mother of Invention

Dr. Richard Boas of The Carl Marks Foundation saw the potential to use DCAs to carry out a charitable vision that had gone unnoticed by others. After adopting a child from South Korea, he wanted to help other American families of limited means enjoy the same experience. He had no idea what was in store for him.

“I returned to Korea and got completely turned around by what I saw,” said Dr. Boas. He soon realized that the real need was not for more affordable adoptions. Instead, he saw that unwed Korean mothers were stigmatized by society and therefore pressured to give their children away. Boas recognized his true calling was to address this root cause by preventing these single mothers from being marginalized in the first place.

In looking around, he found out that there were no Korean organizations targeting this issue, which increased his desire to find a viable solution. Guided by knowledgeable local consultants, he launched the Korean Unwed Mothers Support Network (KUMSN), a staffed, foreign charitable organization functioning as a DCA to carry out his vision. Today, KUMSN offers information and support to empower single mothers to make informed decisions about their children’s future regardless of whether they choose to o er them for adoption. KUMSN also works to raise awareness of this social stigma in Korea, encouraging policy changes and reaching out to the other party in the equation: the children’s fathers.

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