Posts tagged to 'Audits and 990s'
by Kylie Musolf
on March 15, 2017
Overhead is one of the first concepts any philanthropist learns. It includes all of those administrative and fundraising costs that we secretly wish our nonprofit colleagues didn’t have to worry about. But what exactly is overhead, anyway?
by Adrian Bordone
on January 11, 2017
Every grant award offers a potential risk that should be understood and properly mitigated. Providing grants to a charity that has had its tax-exempt status revoked — even unknowingly — can lead to the disbursement being considered a taxable expenditure, prevent foundations from meeting the annual 5 percent distribution requirement, and cause the IRS to levy excise taxes — stiff fines — on the foundations involved.
by Learn Foundation Law
on May 13, 2016
Learn Foundation Law is a free resource for online trainings and tools related to the basic legal rules for private foundations.
by Karen Green
and Andras Kosaras
on April 1, 2016
Concise, complete, and accurate meeting minutes are vital to the health of a family foundation. These documents are the first thing IRS/state regulators request during an investigation and/or audit into a foundation.
by Virginia Esposito
on July 29, 2014
It’s the middle of summer and, hopefully, you’ve taken some vacation time or have a week or more in August blocked out. Our study of family foundation CEOs revealed that few regularly plan vacation. I hope the same is not true of trustees and fund advisors. Given that almost all of you do your...
Once again everyone’s favorite time of year has arrived, audit time! For many, this can be viewed as a daunting and even arduous process. A family foundation in NCFP's network of Friends who no longer cringes at audit time shares this list of questions to ask your auditor to ensure...
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What is the 990-PF and who needs to fill one out?
The 990-PF is the tax return used for all private foundations filing under tax-exempt status, which inventories all of a foundation’s assets, investments, revenue, expenses, and charitable disbursements throughout the fiscal year....