Foundation X empowers effective philanthropy to impact lives and shift the world forward. Working at the intersection of community, nonprofit and business, we aim to transform lives. One of the many charitable vehicles that can be powerful in transforming lives is a private foundation.
BENEFITS OF A PRIVATE FOUNDATION
By offering a unique combination of flexibility and control, the benefits of a private foundation are numerous and include the ability to:
-
- Achieve meaningful involvement with partner organizations
- Create a lasting legacy
- Engage family members in giving decisions
- Generate tax savings and incentives
STARTING A PRIVATE FOUNDATION
Creating a foundation is a rewarding, yet challenging process. Generally, the following steps are completed in partnership with multiple paid staff, including legal counsel and financial professionals, to ensure appropriate filing and incorporation.
1.
Define the foundation’s social impact vision, mission statement and focus areas.
2.
Determine ideal governance structure, codify bylaws and operating procedures, and identify board members and roles.
3.
File incorporation documents, apply for 501(c) (3) status and open a bank account for the foundation.
4.
Set your giving budget and outline a strategy for annual granting according to your mission and focus areas.
5.
Develop the foundation’s brand and identity.
6.
Build public interest through digital and social media presence.
7.
Report accomplishments, grant activities, and financial overviews.
Foundation X empowers effective philanthropy to impact lives and shift the world forward. Working at the intersection of community, nonprofit and business, we aim to transform lives. One of the many charitable vehicles that can be powerful in transforming lives is a private foundation.
MANAGING A PRIVATE FOUNDATION
Once established, a foundation requires ongoing management on an annual basis to accomplish fund allocations and a seamless governance structure.
-
- Accounting & Taxes
- Legal & Compliance
- 990 Filing
- Board Governance & Management
- Grand-making & Reporting
The tax and foundation planning information offered is general in nature. It is provided for informational purposes only and should not be construed as tax or legal advice. You are encouraged to consult an attorney or tax professional regarding your specific tax and legal situation.