PFS2307
Transactions with Disqualified Persons: Allowable Financial Transactions and Reasonable Contemporaneous Documentation
Date
June 22, 2023
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The Association is dedicated to removing barriers to the accountancy profession and ensuring that all accountancy professionals and other members of the public with an interest in the profession or joining the profession, including those with disabilities, have access to the profession and the Asso…
One of the driving forces behind separating private foundations from public charities was Congress's desire to prohibit financial transactions between private foundations and disqualified persons. There are exceptions to the prohibitions whether it be stock redemptions or payment of reasonable compensation for professional services. This session will discuss the exceptions as well as the importance of documenting the due diligence steps taken by those charged with governance and their reliance on independent opinions of reasonableness for any fair value assessments. This session will also discuss the impact of Announcement 2021-18 which revoked Announcement 2001-33 related to compensation reporting by private foundations.
Learning Objectives
- Distinguish who is a disqualified person
- Indicate what is an allowable transaction
- Recognize what constitutes self-dealing, and how to properly correct and report
Speakers
Managing Director, Deloitte Tax LLP, Global Center for Excellence in Philanthropy
Jennifer Deger, CPA, MBA
Director of Finance - Global Controller, Bill & Melinda Gates Foundation
Director, Finance and Operations, Philanthropy, Table Management
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