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: August 20, 2023
12 Reviews (32 ratings)

Reviews

4
Anonymous Author
The presenter's style was a bit boring and hard to follow. I liked the options for shorter sections and how there was a summary and then more detail. It was a good amount of information for a one hour course.
4
Member's Profile
I do like this speaker a lot. However, I really was expecting to hear more in this course about the public support test details and what can cause a public charity to revert to private foundation status.
4
Member's Profile
the course was exactly what it set out to do, an introduction to Private Foundations. It would be great to have a course that goes into a little more detail at some point.
5
Anonymous Author
I've taken several of Mr. Sanders NFP courses and think he does a great job of covering material and keeping it interesting.
5
Anonymous Author
instructor was clear and concise in his explanation of Private foundations and the requirements and penalties involved.
4
Anonymous Author
The instructor provides good explanations. It would be nice if the glossary was a little more detailed.
4
Anonymous Author
A lot of good content. Good mateials and nice way to break up the lesson into digestible components.
3
Anonymous Author
It's a fine overview but does not go into enough detail on how to prepare form 990-PF.
4
Anonymous Author
Nice intro course on the considerations and pitfalls around private foundations.
4
Anonymous Author
It was a fair overview and introductory course on Private Foundations.
5
Member's Profile
Adam’s course on Private Foundations was well prepared and presented
5
Anonymous Author
this was a good course on Not for Profits Tax Considerations.
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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 .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to NFP Tax Considerations: Fundamentals of Private Foundations9:40
  Defining Excise Taxes12:49
  Excise Tax Revisited15:36
  Defining Expenditure Responsibility and Summary11:59
CONTINUOUS PLAY
  NFP Tax Considerations: Fundamentals of Private Foundations50:04
SUPPORTING MATERIALS
  Slides: NFP Tax Considerations: Fundamentals of Private FoundationsPDF
  NFP Tax Considerations: Fundamentals of Private Foundations Glossary/IndexPDF
  Form 990-PFPDF
  Form 4720PDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam