New Resources from the IRS
Recently, the IRS released a new plain-language guide for private foundations. The Compliance Guide for 501(c)(3) Private Foundations [pdf] provides an overview of a number of operational aspects for private foundations (including corporate foundations). Topics addressed include:
- types of private foundations
- restrictions on private foundations
- recordkeeping and filing requirements
- public disclosure rules
For individuals looking for more in-depth information on these topics from the IRS, the Life Cycle of a Private Foundation page provides links to information on many aspects of operating a private foundation, from establishing to terminating the foundation.
For corporate grantmakers administering public charities, similar resources are available. Specifically, the Compliance Guide for 501(c)(3) Public Charities [pdf] and the IRS’s Life Cycle of a Public Charity page are helpful references.