Learn how to navigate tax regulations and reporting requirements for private foundations. Gain knowledge about excise taxes, income distribution calculations, and how to complete Form 990-PF. Identify transactions subject to excise tax, distinguish between grantmaking and operating foundations, and calculate the average fair market value of assets. Discover reporting requirements for both foreign and domestic grants, and explore topics like excess business holdings, self-dealing, and program-related investments. Understand the basics of Unrelated Business Income Tax (UBIT) and recent regulatory changes affecting net operating losses and alternative investments. Equip yourself with the knowledge to effectively manage private foundation tax compliance.
Learning Objectives
• Recognize transactions where excise tax rules apply, including excess business holdings and self-dealing.
• Identify differences between grantmaking and private operating foundations, and key reporting requirements.
• Learn the Section 4940 tax rate, fair market value calculations, and basics of the Unrelated Business Income Tax (UBIT).
Major Topics
• Private foundation excise taxes, generally
• Form 990-PF, including mandatory e-filing requirements
• The fair market value of the foundation's assets
• Income distribution requirements
• Self-dealing and transactions with disqualified persons
• Foreign grant-making and grant-making to private foundations and non-charitable entities in the US
• Excess business holdings
• Program-related investments
• Unrelated business income tax
