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Advise Clients on Governance, Rules, Form 990 and Other Legal and Tax Matters

Do you have solid knowledge of the transparency and accountability standards of private foundations? Do you know what should (and should not) be in their articles of incorporation, bylaws, policies and tax forms? This focused course provides a practical look into the legal and tax aspects of private foundations. From formation to restrictions to operational issues and filings, gain the instruction you need to counsel clients in this unique area of law. Register today!

  • Review the essentials of private foundations - the different types, categories, rules and pros/cons vs. public charities.
  • Draft solid bylaws that prevent governance headaches and legal problems down the road.
  • Learn how to qualify an entity as a private foundation.
  • Advise foundation boards regarding a variety of issues, including investments and grants.
  • Prevent self-dealing, minimum distribution and other violations with a strong grasp of rules and safeguards.
  • Demystify Form 990 and avoid errors that can spell trouble for private foundations.

All times are shown in Eastern time

  1. Private Foundation Essentials
    10:00 - 11:00, Samuel G. Coppersmith
    1. What is a Private Foundation?
    2. Different Types of Private Foundations
    3. Definitions and Key Terms
    4. Funding of a Private Foundation
    5. Giving Options
    6. Public Charities vs. Private Foundations
    7. Non-Operating Foundations vs. Operating Foundations
  2. Incorporating the Private Foundation
    11:15 - 12:15, Jennifer L. Urban
    1. Liability Associated With Unincorporated Organizations
    2. Articles of Incorporation - Key Provisions to Include
    3. Bylaws - Key Provisions to Include
    4. Mission Statement
    5. The Use of LLCs (and L3Cs) for Nonprofits
    6. Conflict of Interest Policy
    7. Funding Guidelines
    8. Applying for an EIN
  3. Applying for Exemption: Nuts and Bolts
    12:15 - 12:45, Jennifer L. Urban
    1. IRS Form 1023
    2. Timeline, Dates and Other Requirements
    3. What to Include?
    4. Determination Letter
  4. Organizing and Governing a Private Foundation
    1:15 - 2:15, Samuel G. Coppersmith
    1. The Foundation's Mission
    2. When the Private Foundation is a Trust
    3. Who to Include on the Foundation Board?
    4. Where Should the Funds be Invested?
    5. How and Where Should Funds be Given Away?
  5. Applying Private Foundation Rules
    2:15 - 3:15, Michelle Huhnke
    1. Mandatory Distributions
    2. Charitable Activities
    3. Tax Benefits
    4. Excise Tax
    5. Taxes on Self-Dealing
    6. Tax on Failure to Distribute
    7. Tax on Stock Holdings
    8. UBTI
    9. Taxes on Investments That Jeopardize Charitable Purposes
    10. Taxable Expenditures
    11. Public Inspection of Documents
  6. Filing Tax Returns (IRS Form 990-PF and IRS Form 990-T)
    3:30 - 4:00, Samuel G. Coppersmith
    1. IRS Form 990-PF and IRS Form 990-T
    2. Timeline, Dates and Other Requirements
    3. Contributions, Disbursements, Expenses, Sales of Assets, Capital Gains and Similar Items
  7. Ethical Considerations for EO Practitioners
    4:00 - 5:00, Michelle Huhnke
    1. Multiple Representation Issues: Who is the Client?
    2. Attorney-Client Confidentiality Within the Different Levels of an Organization
    3. Confidentiality vs. Disclosure to the IRS
    4. Self-Dealing Situations
    5. Excessive Compensation
    6. Direct Referrals From Board
    7. When the Attorney Must Resign

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