By Frank L. Ellsworth, Joe Lumarda
A beginning insiderвЂ™s consultant to monetary administration demanding situations and strategies
Foundation administration represents the single single-volume connection with hide attempted and real and rising monetary making plans and administration issuesвЂ“in either the household and international sectorsвЂ“affecting philanthropic foundations. A better half to Frank Ellsworth and Joe LumardaвЂ™s From Grantmaker to chief: rising recommendations for twenty first Century Foundations, this entire survey not just offers practitioners with a greater knowing of the altering monetary, felony, and overseas panorama, but additionally grants specified operational administration options. subject matters lined comprise:
- European foundations
- Nongovernment agencies in Asia
- U.S. and Mexican family members foundations
- The dating among the IRS and philanthropic foundations
- The roles of legal professionals, accountants, and funding professionals
Extensive interviews with key insiders complement the observation all through. Trustees, CEOs, CFOs, contributors of funding committees, tax and estate-planning execs, and application officials will locate beginning administration to be an quintessential source.
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The individuals to this wide-ranging quantity search to outline precisely what management is or may be, and the way to successfully improve it. Guided via an strange framework that appears at management throughout varied sectors and features, they research what they view because the significant management demanding situations in hugely noticeable for-profit, not-for-profit, and executive companies in the course of the global.
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Extra info for Foundation Management: Innovation and Responsibility at Home and Abroad
All references to the IRC are to the Internal Revenue Code of 1986, as amended. See Rev. Rul. B. 101, Ex. C. 480 (1981). See Rev. Rul. 63-252, Ex. 4. Also see Victoria B. Bjorklund and Jennifer I. Goldberg, “How a Private Foundation Can Use ‘Friends Of’ Organizations,” International Dateline, August 1998, Issue 48 (Council on Foundations). S. public charities specifically formed to support foreign organizations are sometimes referred to as “friends of” organizations because they often bear names such as American Friends of Oxford University.
The overseas subsidiary will then claim whatever tax benefits are available under that country’s laws. S. tax laws are not involved. S. community foundations also grew rapidly in the 1990s. By their very nature, community foundations are formed primarily to support the geographic areas in which they are situated; however, they are playing an increasing role in international gifting. S. and foreign community foundations multiply and develop. The numbers confirm the author’s conclusion, based on her practice in international philanthropy, that a new awareness of global interconnectedness has developed in the post–Cold War era.
The Out of Corpus Requirement IRS rules specify that one private foundation cannot make grants to endow another. S. S. foundation’s grant to it must also meet the out of corpus requirement. The out of corpus rule requires that any grant from one private foundation to another must be spent by the grantee within 12 months after the close of the taxable year in which it received the funds. The grantee must take the grant funds “out of corpus” and spend them within the required amount of time. This policy is designed to ensure that such private foundation grants will be used for the public benefit and not to build the recipient organization’s investment portfolio.