Private Foundations

Helping foundations manage their legacy and impact on society

Private foundations are a unique subset of 501(c)(3) organizations, primarily set up and funded by corporations or families. These foundations play a key role in providing funding, support, and capital for public charities to carry out their missions to advance causes that benefit society, whether expanding education opportunities, advancing science and health innovations, preservation of the environment, promotion of social justice, or many other areas that serve charitable causes.

At the same time, these foundations are closely monitored and face additional complex compliance requirements relating to mandatory distributions, excess holdings, taxable expenditures, and have more involved tax reporting requirements. Organizations will operate differently depending on whether they are private operating foundations, non-operating foundation, or even ones that are within a 60 month termination period for public charity conversion.

Our assurance, tax and consulting professionals can assist private foundations by providing independent audit services, investment and program analysis, 990-PF preparation, excise tax reporting, and assistance with many of the complex tax and regulatory requirements necessary to operate as a private foundation. A summary of services we provide include:

Audit and Assurance – We provide independent audit services of your organization’s external financial statements, and help ensure adherence to current accounting and financial reporting requirements. Our professionals can also provide additional assurance services to review operations, controls, and compliance matters. Our work will provide your foundation assurances that financial information is accurately tracked, fairly stated, and reliable.

Tax Compliance and Advisory – Our tax professionals can assist your private foundation with 990-PF preparation and compliance, assessing transactions for possible self-dealing concerns, reviewing and assisting with mandatory distributions, reviewing possible excess business holdings, analyzing investments, and calculating taxable expenditures. We can also assist those public charities that have failed their public support test, and wish to elect to operate under a 60 month termination ruling to regain charitable status.

Contact us for more information or submit an RFP directly.
Nonprofits
Our transition to Rogers & Company was seamless. The professionals that served us were objective, experienced, and responsive in performing our audit and tax services, including our compliance audits. We would highly recommend their team.