Your client’s private foundation can establish a fund at The Trust, taking advantage of our expertise and our vast network of effective nonprofits.
Or consider other options: Your client can dissolve the foundation—and avoid the record-keeping the IRS requires, along with possible disagreements among heirs or board members in the future. We can carry out your client’s wishes with lower costs and fewer hassles than a private foundation.
The top three reasons people decide to terminate private foundations into funds at The New York Community Trust:
- Administration. They find that running a private foundation takes too much time, is an administrative and compliance burden, and requires too much money in upkeep that could be going to grants;
- Research and Due Diligence. They do not have the resources to vet charities, assess the needs of the community, and evaluate the success of grants—all essential parts of effective grantmaking; and
- Legacy. They want to ensure that their philanthropy lasts forever, but do not want to worry about who will succeed them or whether successors share their vision for the foundation and are qualified to manage a private foundation.
For more on this topic read our Professional Notes articles: Terminating a Private Foundation or Changing a Private Foundation’s Status