2023 AICPA & CIMA Private Foundation Summit

This session will provide an overview of legislative and regulatory developments affecting private foundations.

This session will include discussions about disaster relief, scholarships, prizes and other types of distributions. Which require advance approval, and which do not. Which are taxable to the recipient and which are not. What is the difference between qualified and non-qualified disasters and how can a foundation be used to respond to each kind. What are the self-dealing concerns with non-qualified disasters which must be dealt with. Explore alternative tools, beyond private foundations, to provide non-qualified disaster relief to individuals. What is the difference between qualified and non-qualified disasters and how can a foundation be used to respond to each kind.

This session will explore shifting from control at the private foundation level to listening and learning from grantees and proving more general operating support grants. We will discuss: - what is actually required to obtain before or after a grant is made for compliance and impact measurement. - how to be open up alternative ways of accepting grant submissions (allowing video submissions). - Some foundations that no longer require financial statement audits. What are the risks?

Form 990-PF contains many details to test the foundation’s ongoing qualification for exemption on its 13 pages. While the form has remained primarily unchanged for years, there have been changes to the instructions or for new tax law. In addition, the final regulations for the excise tax on excess tax-exempt organization compensation are effective starting in 2022. This session will be a refresher on the reporting obligations for private foundations, including state and international filing considerations.

This session will discuss what impact ESG and GIR might have on private foundations and what you and your board should be thinking about today to prepare for tomorrow.

Explore how private foundations and other funders collaborate on philanthropic projects. What are some of the tools, lessons learned, and reporting issues to be aware of if you are thinking of collaborating on a project. These may include: Out of corpus reporting; donor advised funds; accepting, acknowledging, and registering to solicit charitable contributions in local justifications; fundraising on behalf of grantees; expenditure responsibility oversight reporting as a grantee or grantor; fiscal sponsorship; and/or fiscal agency.