Is It Really a Public Charity?Is It Really a Public Charity?
Most compliance issues arise in private foundations because the family members and directors don't know much about the governing provisions set forth in the Internal Revenue Code and Treasury Regulations. This is hardly surprising, given that most who start private foundations are not Chapter 42 experts but merely people whose desire is to give back to society and to support causes that are important
December 1, 2004
Jeffrey D. Haskell, senior vice president, Foundation Source, Fairfield, Conn.
Most compliance issues arise in private foundations because the family members and directors don't know much about the governing provisions set forth in the Internal Revenue Code and Treasury Regulations. This is hardly surprising, given that most who start private foundations are not Chapter 42 experts but merely people whose desire is to give back to society and to support causes that are important to them.
Ideally, private foundations should endeavor to monitor all activities as they occur, at the point of transaction, to ensure compliance with the IRC and Treasury regs. Then problems can be swiftly addressed — before they cause public embarrassment or result...
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