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What is a Private Foundation ?
Private foundations are generally founded by an individual, a family or a group of individuals, and are organized either as a nonprofit corporation or as a charitable trust. You can appoint yourself, as well as other family members or friends, to sit on the foundation's governing board.
One common form of a private foundation is a family foundation. Families sometimes use a family foundation as a forum in which family members can work toward common goals, or as a way to instill the value of charitable giving in future generations of the family.
Another common option that families use to accomplish the goals of their family philanthropy is to establish a donor advised fund at a community foundation
Since a private foundation is a charitable organization, it is exempt from federal income tax on its income, although it must pay a 1-to-2 percent excise tax on its net investment income. The gifts you make to establish a new foundation or grow an existing foundation can afford you certain tax advantages; income, gift and estate tax deductions are available under the law.
Private foundations are governed by stricter legal and tax rules than public charities and often face difficult and highly technical compliance issues. My staff and I can assist you in navigating these complexities and helping your board members and family understand the rules, as well as file the annual federal and state tax forms.
There are three types of Private Foundations:
Council on Foundations
National Center for Family Philanthropy