Private Foundation & Supporting Organization Overview
A private foundation (PF) is generally founded by an individual, a family, or a group of individuals that has trustees and/or directors that are responsible for managing their funds and program. By making grants to other non-profit organizations, PFs aid charitable, educational, religious, and other activities that serves the public good.
A supporting organization (SO) has a close relationship with at least one other non-profit organization. It can make grants and perform the operations necessary of a public charity. The benefits that are offered are similar to a private foundation, but typically cost less and have superior tax benefits. While a PF has complete control of all grant-making, a SO may recommend grants and organizations, but the parent organization has significant input in final decisions.
CTAC Operational Services
- Monitor distributions based on provisions, asset valuations, and Federal & State requirements
- Review all investment transactions for accuracy and IRS compliance
- Request and coordinate the receipt of the distribution amount to be paid by the investment managers
- Ensure foundation distributions are to qualified organizations
- Secure all accounting records pertaining to the foundation
- Report on annual grant distributions
- Prepare summary accounting of activity
- Monitor opportunities for tax saving benefits based on IRC 4940e
- Assist with tax planning made possible by provisions and investment performance
Website Access
- Critical building block for collaboration, partnership and communication
- Immediate access to information needed for foundation board meetings
- Historical board member information, such as biographies and skills
- Basic documents that created the foundation
- Current and past grant requests
- Financial accounting
- Federal and State tax returns
Federal, State & Attorney General Reporting Services
- IRS Form 990-PF, 990-T, 99, 4720 and supplemental schedules, 8282, 8283 (for publicly traded securities only), required tax forms and schedules and Attorney General filings