Private foundations make grants based on charitable endowments. The endowment funds come from one or a small handful of sources -- an individual, a family or a corporation. Because of their endowments, they are focused primarily on grantmaking and generally do not raise funds or seek public financial support the way public charities (like community foundations) must.
Private independent foundations are distinct from private family or corporate foundations in that an independent foundation is not governed by the benefactor, the benefactor’s family or a corporation. Of the largest private foundations in the United States, most are independent foundations, although they may have begun as family foundations or were converted from corporate foundations. There is no official IRS or legal definition of independent foundations, so it is difficult to arrive at statistics that are fully representative of the field.
Below is everything on our site for independent foundations. You can use the filtering options on the right to narrow these results.
On May 18, 2016, President Obama and Secretary Perez announced the publication of the Department of Labor’s final rule updating the overtime regulations.
The Final Rule focuses primarily on updating the salary and compensation levels needed for Executive, Administrative and Professional workers to be exempt. Specifically, the Final Rule:
The Council on Foundations wrote to the Department of Treasury and the Internal Revenue Service (IRS) to urge them to prioritize several regulations and guidance documents that impact our members. Each year, the Priority Guidance Plan identifies and prioritizes those tax issues that the agencies should address through regulations or revenue rulings, procedures, notices, and guidance throughout the upcoming year.
Corporate tax integration (“corporate integration”) is a tax reform topic that Senate Finance Chairman Orrin Hatch (R-UT) has been discussing for some time now. Chairman Hatch has indicated his intent to present a corporate integration proposal by the end of June 2016.
What is corporate integration?
Corporate integration is a way of addressing the issue of “double taxation” on corporate income. Under our current system, corporate income is taxed at two levels: the level of corporate profits and the level of shareholder dividends.
The Council on Foundations is pleased to announce the four new members of its board of directors, each of whom will serve for three years. Elected at the Council’s 2016 annual conference on April 11, Tonya Allen, the president and CEO of The Skillman Foundation, Jamie Merisotis, the president and CEO of the Lumina Foundation, Tony Mestres, the president and CEO of The Seattle Foundation, and R. Randall Royster, the president and CEO of the Albuquerque Community Foundation, join the Council’s 17-member board.
The Philanthropy-Joining Forces Impact Pledge today announced $7 million in new investments to strengthen services and support for millions of veterans and military families across the United States. With their commitments, PwC Charitable Foundation, Inc., Orange County Community Foundation, and CarMax and The CarMax Foundation join the 32 philanthropic organizations and corporations that have pledged since 2014. Through grants and other forms of support, nearly $283 million has been committed in the Impact Pledge to date.
The Council submitted a letter on March 31, 2016 in response to a request for information (RFI) issued in February by the Multistate Registration and Filing Project (MRFP)—an organization that works with the National Association of State Charity Officials (NASCO) and the National Association of Attorneys General (NAAG) to consolidate the information and data requirements of all states that require registration of nonprofit organizations performing charitable solicitations within their jurisdictions.
Use these resources in your meetings on the Hill and to promote the work back home. Make sure to check back regularly as updates may be released.