The BNN Tax-Exempt Organizations Blog

Posts tagged Private Foundations

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IRS Reporting Requirement Practically Prevents Most Private Foundations from E-Filing

If you’ve ever read through the IRS instructions for private foundations (and who hasn’t in their spare time?), you’ll have noticed that the IRS wants to know a lot about your organization.  Some of the detail the IRS is looking for makes sense. For instance, asking for information about charitable disbursement recipients ensures that private foundations are distributing funds appropriately. However, other information the IRS wants seems to only needlessly increase the administrative burden on the organization, tax preparers, and even (gasp!) the IRS as well.

Posted Under: eFiling, Private Foundations

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Expenditure Responsibility

You’re responsible for the grant making functions of a private foundation.  It’s getting close to year end and you have to complete the yearly grant payout cycle.  You have an idea of where you want to distribute funds and every organization on your list is a 501(c)(3) organization of some kind. You’re all set to distribute funds, right?  Well, not all 501(c)(3) organizations are built the same and granting funds to certain kinds may have significant and unforeseen tax consequences to both you and your organization.