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Private foundations are subject to complex compliance regulations at state and federal levels.  Federal tax law governing private foundations contains highly nuanced rules regarding taxes on net investment income, income distribution requirements, self-dealing, excess business holdings, investments that jeopardize charitable status, and taxable expenditures.  Private foundations risk heavy fines and are subject to excise tax for violating such regulations.  Private foundation trustees or directors facing the numerous challenges of organization and operation should seek expert advice.  Philip Haney Associates is prepared to assist private foundations with their special legal needs, including:

  • Forming and securing tax exempt status for independent, family and corporation foundations
  • Structuring governing instruments, bylaws and conflict of interest policy statements
  • Structuring transactions to avoid both direct and indirect self-dealing
  • Addressing and correcting self-dealing, minimum distribution and other violations
  • Advising on potential tax ramifications of specific investments and activities
  • Providing advice and legal opinions regarding program-related investments
  • Educating foundation managers regarding their fiduciary responsibilities
  • Developing policies and procedures that will ensure a smooth and legally compliance grant-making process
  • Qualifying an entity as a private operating foundation, supporting organization, or for other special status


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