As a benefit of membership, the Council on Foundations attorneys and legal staff provide information and education to Council members regarding a variety of topics related to foundation operations and legal compliance. All information on this website, and all publications, articles, e-mail correspondence and telephone consultations provided by Council attorneys and legal staff are intended for informational purposes only and not as part of an attorney-client relationship. Council attorneys are not licensed in every state and cannot provide legal representation. The information is not a substitute for expert legal, tax or other professional advice tailored to your specific circumstances, and may not be relied upon for the purposes of avoiding any penalties that may be imposed under the Internal Revenue Code. Council members may e-mail firstname.lastname@example.org with inquires and for more information.
Definition and issues around accepting gifts of tangible personal property.
When a contribution consists of property other than cash, it must be determined if it is in the community foundation’s best interests to accept such property.
Raising money for community needs is the central function of community foundations. No surprise, then, that we receive more questions about fundraising than about any other topic.
Accepting gifts of real estate, subchapter S corporations, and business interests (including general partnerships, limited partnerships, limited liability partnerships, and limited liability companies).