Private Foundation

Private Foundation

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: Private Foundation

Private Foundation definition:  A private foundation is a non-profit but does not qualify as a public charity for tax purposes.  Private foundations rely on a single donor for the majority of its funding rather than the general public. The foundation must make annual contributions towards charitable causes and pay a small excise tax on its investment earnings.  Private foundations are also required to file an IRS form each year, and this information is public.  Contributions are deductible for income, gift and estate tax purposes.  The benefit of private foundations is a high-degree of donor  control (as opposed to donor-advised funds).

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