NFP Tax Considerations: Fundamentals of Private Foundations

This course reviews the steps necessary to create and maintain the tax exempt status of Not for Profit (NFP) organizations that will exist as Private Foundations.

Private Foundations exist under Section 501(c)(3) of the Internal Revenue Code (IRC), but are not publicly supported entities. This makes them subject to filing requirements that are unique when compared to other not-for-profits.

The course reviews the laws covering the filing requirements for a Private Foundation including the Form 990-PF informational tax forms.  There are also sections on self-dealing, limits on holdings, excise taxes, and required distributions of income earned by the Private Foundation.