Posts tagged to 'Audits and 990s'

What is Overhead, Anyway?

Posted 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?

Have We Properly Verified the Tax-Exempt Status of Our Grantees?

Posted 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.

Free legal training: Electioneering rules for private foundations and public charities

Posted 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.

How can we take effective family foundation board meeting minutes?

Posted 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.

Renewal: You and your giving

Posted 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...

What questions should we ask our auditors?

Posted by National Center for Family Philanthropy on February 15, 2013

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...

The 990-PF in a Nutshell: What You Need to Know

Posted by National Center for Family Philanthropy on August 15, 2004

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....

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