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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. 

Learning Objectives

  • Recognize the differences between private foundations and other types of not-for-profit (NFP) organizations in existence under Internal Revenue Code (IRC) rules
  • Identify the different types of private foundations that can be created
  • Identify the situations that can cause a private foundation to have to pay excise taxes
Last updated/reviewed: November 14, 2019

1 Review (7 ratings)Reviews

5
Anonymous Author
this was a good course on Not for Profits Tax Considerations.

Prerequisites

Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  9:40Introduction to NFP Tax Considerations: Fundamentals of Private Foundations
  12:49Defining Excise Taxes
  15:36Excise Tax Revisited
  11:59Defining Expenditure Responsibility and Summary
CONTINUOUS PLAY
  50:04NFP Tax Considerations: Fundamentals of Private Foundations
SUPPORTING MATERIALS
  PDFSlides: NFP Tax Considerations: Fundamentals of Private Foundations
  PDFNFP Tax Considerations: Fundamentals of Private Foundations Glossary/Index
  PDFForm 990-PF
  PDFForm 4720
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM