TriplePundit published 20 Questions for Private Foundations from Raffa – Marcum’s Nonprofit & Social Sector Group
“Using private foundations is a popular way for corporations or individuals and their families to establish long-term charitable giving programs. Such entities are exempt organizations under IRC § 501(c)(3) and enjoy many benefits. However, these organizations are also subject to many rules and regulations that restrict their activities, some of which are highly complicated or have various exceptions that may apply. Accordingly, it is important that transactions are structured carefully to avoid any problems and the resulting penalties, which can be quite severe,” said Frank H. Smith, nonprofit tax leader for the Raffa-Marcum group.