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Private Foundations and Form 990-PF Basics 4172925B
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Gain an overview of private foundation excise tax rules and their implications for the completion of Form 990-PF. Discuss the excise taxes in conjunction with applicable parts of Form 990-PF and applicable questions.

10/30/2017
When: 9:30 AM to 1:00 PM
Where: Webinar/Webcast
United States
Presenter: Richard Ruvelson, J.D.
Contact: April Deneault
801-466-10489


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Curriculums:   Not-for-Profit

NASBA Credit Category:  Taxes

CPE Hours:  4

Description

Gain an overview of private foundation excise tax rules and their implications for the completion of Form 990-PF. Discuss the excise taxes in conjunction with applicable parts of Form 990-PF and applicable questions. Learn the differences between non-operating (grant making foundations) and operating foundations; different private foundation excise taxes; and the significance of columns (a)-(d) in Part I of the form as well as expense allocation in Part I which includes allocation of indirect costs between net investment income and charitable expenses. Also, receive an overview of the expenditure responsibility requirements for foreign grants and grants to domestic private foundations, the income distribution calculation and the unrelated business income tax (UBIT), including a discussion of state filing.

Formerly titled: Form 990-PF: Private Foundation Basics

Materials are provided as an ebook.



Major Subjects

  • Private foundation excise taxes
  • Fair market value of the foundation's assets
  • Income distribution requirements
  • Self-dealing and transactions with disqualified persons
  • Foreign grant making
  • Unrelated business income tax

Objectives

  • Recognize transactions where excise tax rules are applicable to private foundations.
  • Identify differences between grant making and private operating foundations.
  • Recall how organizations qualify for the one-percent rate of the Section 4940 excise tax on investment income.
  • Determine the average fair market value calculation for cash and securities.
  • Recognize additional reporting requirements for foreign grant expenses and grants to other U.S. private foundations.
  • Identify fundamentals of the unrelated business income tax (UBIT).

Level:  Beginning

Designed For

CPAs, attorneys and consultants who work with private foundation clients.

Advanced Prep:

None.

Prerequisite

None.

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