Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 to receive credits
Private foundations face significant compliance challenges that can have serious consequences if not properly managed. While still a type of charitable organization under IRC section 501(c)(3), private foundations have an additional set of compliance rules including an entirely different annual tax return filing. This course offers a practical overview of the compliance issues, planning opportunities to mitigate risks going forward, and insights on the annual Form 990-PF tax return for foundations.
Publication Date: January 2023
Designed For
CPAs, CFOs, auditors, bookkeepers, staff accountants and others working with not-for-profit entities.
Topics Covered
- Overview of Private Foundations
- Types of Foundations
- Code Sections
- Considerations for Foundations
- Form 990-PF Overview
- Common Mistakes and Interdependencies
- Payout Requirements and Strategies
- IRC 4940 - 4945
Learning Objectives
- Identify and apply key tax challenges impacting private foundations
- Recognize the parts of Form 990-PF and how they apply
- Recognize how to differentiate the questions and disclosures required on the Form 990-PF
- Recognize how to properly calculate the annual distribution requirement and identify planning strategies for the future
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructors
Clark Nuber
Located in the Seattle metro area, Clark Nuber PS is home to one of the largest single-office Not-for-Profit practices in the United States. This nationally recognized group is composed of over 80 professionals who specialize in serving more than 750 not-for-profits. These professionals take a broad, holistic view of the entire financial and regulatory ecosystem in which not-for-profits function.
Our involvement and investment in the industry extends beyond providing professional services to charitable organizations. Our shareholders and principals also present regularly at conferences and seminars tailored to the not-for-profit community. And, several leaders serve on national-level boards and committees that establish guidance and best-practices for the sector, including the Financial Accounting Standards Board (FASB) Not-for-Profit Advisory Committee, the TE/GE EO Council’s TIC-TAQ Forum, and the AICPA Exempt Organization Technical Resource Panel.
Additionally, Clark Nuber is the author of the Form 990 Compliance Guide and the Private Foundation Handbook and Compliance Guide.
Celia Davis
Celia is a senior manager in the tax services group at Clark Nuber P.S., and has been with the firm for 10 years. Her practice focuses on serving private foundations, public charities, and charitably inclined individuals. She provides tax compliance and consulting on matters such as charitable gift planning, federal and state tax filings, payout modeling, unrelated business taxable income, alternative investments, and foreign reporting.
Celia is a graduate of the University of Washington and is licensed in Washington State. She is a contributing writer and editor for the Form 990 Compliance Guide published by CCH and is a member of the Washington Society of CPAs and the AICPA.
Lisa McCreedy
Lisa is a senior manager in the tax services group at Clark Nuber P.S. Over her eight years with the Firm, she focuses her practice primarily on tax compliance and consulting matters for private foundations and a variety of public charities. She enjoys diving into complex issues relating to non-profits Federal and State tax compliance filings, alternative investments, international activities, and unrelated business taxable income.
Lisa serves as treasurer of the local chapter of a Professional Fundraiser’s Association and is a member of the AICPA and the Washington Society of CPAs.