Packages Display Packages
This includes sessions from the conference: 2022 AICPA & CIMA Private Foundation Summit
Sessions Included:
Beyond the PC - Making Grants to Non Public Charities for a Charitable Purpose (Dec 12, 2022 01:00 PM)
Impact Investing: Part I (Dec 12, 2022 02:30 PM)
Impact Investing: Part II - Legal, Tax and Accounting Considerations (Dec 12, 2022 03:30 PM)
Opening Remarks | Foundation Lifecycle (Dec 13, 2022 10:00 AM)
Increasing the Tools in the Charitable Toolbox to Accomplish Your Charitable Mission (Dec 13, 2022 12:55 PM)
Foundations Using Their Power and Voices to Advocate for Change Without Violating Federal Tax Laws (Dec 13, 2022 02:30 PM)
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
Speaker(s):
- Karen M. Halazon, J.D., LL.M., Deputy General Counsel, Bill & Melinda Gates Foundation
- Lori A. McLaughlin, CPA, PFS, Partner, Exempt Organization Tax, Crowe LLP
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.
- 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
Speaker(s):
- Aaron Seybert, JD, Managing Director, Kresge Foundation
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.
Speaker(s):
- Tomer Inbar, J.D., Partner, Morgan, Lewis & Bockius LLP
- Candice Meth, CPA, MBA, Partner, EisnerAmper
- Craig Fields, Assistant Controller, The Kresge Foundation
Opening Remarks | Foundation Lifecycle
Dec 13, 2022 10:00am ‐ 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.
Speaker(s):
- Jeffrey D. Haskell, J.D., LL.M. (Taxation), Chief Legal Officer, Foundation Source
- Ms. Jody Blazek, CPA, Partner, Blazek & Vetterling
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.)
Speaker(s):
- Jane M. Searing, CPA, Managing Director, Deloitte Tax LLP, Global Center for Excellence in Philanthropy
- Nancy McGlamery, J.D., Principal, Adler and Colvin
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
Speaker(s):
- Abby R. Levine, JD, Chief Strategist, Levine Nonprofit Solutions