2022 AICPA & CIMA Private Foundation Summit

Dec 12, 2022 ‐ Dec 13, 2022

The Private Foundation Summit provides an opportunity to get front-row access and hear from the innovators in this highly specialized world. From investing to charitable activities, we’ll help attendees gain clarity for their immediate and long-term goals – and we’ll provide important guidance on dealing with the impacts of the pandemic.


The Lightmaker's Manifesto: How to Work for Change without Losing Your Joy

Dec 12, 2022 10:10am ‐ Dec 12, 2022 11:00am

Identification: PFS2201

In The Lightmaker's Manifesto, author and coach Karen Walrond helps us name the skills, values, and actions that bring us joy; identify the causes that spark our empathy and concern; and then put it all together to change the world. By unearthing our passions and gifts, we learn how to joyfully advocate for justice, peace, and liberation. We learn how to become makers of light.

Learning Objectives:
  • Learn the concepts outlined in The Lightmaker’s Manifesto
  • Help those working in or supporting advocacy organizations like private foundations find joy and light in their work
  • Understand what one can do to avoid burnout and instead find job in challenging work and times
Category: Conference Keynote Online

UBI: Why Is It OK and When It Isn't

Dec 12, 2022 11:10am ‐ Dec 12, 2022 12:00pm

Identification: PFS2202

This session will focus on the unrelated business income (UBI) rules as they apply to private foundations. When can UBI run afoul of the IRC section 4943 prohibition on excess business holdings. What should private foundations consider when entering into direct charitable activities or pass through investments related to UBI.

Learning Objectives:
  • Understand the rules of unrelated business income and how UBI is reported on the 990-T whether the activity is direct or indirect through an investment.
  • Appreciate how the UBI rules intersect with the excess business holding rules of irks section 4943 and can be a trap for the unwary private foundation.
  • Brief update on new reporting requirements related to Schedules K2 & K3
Category: General Session (Online)

Beyond the PC - Making Grants to Non Public Charities for a Charitable Purpose

Dec 12, 2022 1:00pm ‐ Dec 12, 2022 2:15pm

Identification: PFS2203

Although Foundation activities primarily focus on grantmaking to charitable entities, there are multiple options to consider as we seek to expand our philanthropic toolbox. This session covers grantmaking to for-profit entities, foreign organizations, individuals; and the ramifications and pitfalls that a Foundation may encounter when venturing beyond the Public Charity (PC).

Learning Objectives:
  • Grants to foreign entities - what do foundations need to know and do to facilitate grants to foreign charitable organizations.
  • Returned grants - how to record and report on the 990PF. Coordinating with the 5-year carryforward rule.
  • Add Learning Objective to reflect Grant vs. Contract
Category: General Session (Online)

Impact Investing: Part I iconImpact Investing: Part I

Preview Available

Impact Investing: Part I

Dec 12, 2022 2:30pm ‐ Dec 12, 2022 3:20pm

Identification: PFS2204

During this session a foundation will present a comprehesive case study that includes examples of recent types of program-related investments they have funded. The foundation will not only discuss the objectives and outcomes of the investments, but the due diligence process and challenges encountered along the way.

Learning Objectives:
  • Identify different types of program-related investments covered by the case study
  • Discuss important considerations including due diligence and any hurdles encountered during the structuring the transaction
Category: General Session (Online)

Impact Investing: Part II - Legal, Tax and Accounting Considerations

Dec 12, 2022 3:30pm ‐ Dec 12, 2022 4:20pm

Identification: PFS2205

During this session we will dive further into the reporting requirements for the program-related investments discussed in the case study from both the financial statement and tax perspective. We will discuss additional legal considerations based on the nature of the program-related investment. We will also highlight other possible structures for program-related investments and the reporting implications for those structures.

Learning Objectives:
  • Identify the reporting mechanics for both U.S. GAAP financial statements and IRS requirements with respect to program-related investments.
  • Discuss best practices with respect to anticipating questions that your auditors or tax preparers may have with respect to program-related investments.
  • Discuss legal considerations related to different types of structures and what type of due diligence is necessary to ensure a smooth transaction.
Category: General Session (Online)

Foundation Lifecycle iconFoundation Lifecycle

Preview Available

Foundation Lifecycle

Dec 13, 2022 10:05am ‐ Dec 13, 2022 10:55am

Identification: PFS2206

This session will cover the various aspects of a private foundation's life cycle after formation including mergers, split ups, dissolutions and conversion to public charity status.

Learning Objectives:
  • Appreciation of when and how the IRC 507 termination tax may apply to a private foundation.
  • Understanding of when and how a private foundation's tax attributes may follow the assets upon dissolution or distribution of significant assets.
  • Discussion of how and when a private foundation might qualify for conversion to public charity status and the process for making the change.
Category: General Session (Online)

FASB Update iconFASB Update

Preview Available

FASB Update

Dec 13, 2022 11:05am ‐ Dec 13, 2022 11:55am

Identification: PFS2207

The Financial Accounting Standards Board has been steadily releasing guidance that may have an impact on your financial statements or those of your grantees. Understanding the impact of these standards on the statements of financial position and activities will aid in future financial statement analysis.

Learning Objectives:
  • Identify the impact of ASU 2018-08 Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made
  • Discuss the impact of ASU 2014-09, Revenue from Contracts with Customers on the nonprofit sector
  • Identify future standards/projects that will impact nonprofits including leases, credit losses, gifts-in-kind, and more
Category: General Session (Online)

Increasing the Tools in the Charitable Toolbox to Accomplish Your Charitable Mission

Dec 13, 2022 12:55pm ‐ Dec 13, 2022 2:10pm

Identification: PFS2208

Founders of private foundations often have many charitable interests. This session will explore how these charitable interests can be satisfied by utilizing other philanthropic vehicles. Issues of control, relatedness and funding will be covered as we explore this expanded world of philanthropic vehicles.

Learning Objectives:
  • Appreciating the rules of how organizations can be commonly controlled or related to a private foundation and why it matters.
  • Understanding the various vehicles donors use in conjunction with private foundations to accomplish charitable purposes.
  • Any applicable legislative updates which may be applicable to the session (i.e. ACE Act.)
  • Jane M. Searing, CPA, Managing Director, Deloitte Tax LLP, Global Center for Excellence in Philanthropy
Category: General Session (Online)

Foundations Using Their Power and Voices to Advocate for Change Without Violating Federal Tax Laws

Dec 13, 2022 2:30pm ‐ Dec 13, 2022 3:45pm

Identification: PFS2209

Private foundations are allowed to engage in advocacy. This session will highlight some examples of how foundations are exerting their influence to make positive changes as well as cover the brightline rules for what is and is not allowed.

Learning Objectives:
  • Brightline rules for prohibited lobbying and political activities by a private foundation
  • Examples of allowable and effective advocacy by private foundations
  • Best practices for advocacy grantmaking
  • Abby Levine, Director, Bolder Advocacy, Alliance for Justice
Category: General Session (Online)