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Grants Self-Dealing

Freeman Law

Private Foundations, Taxable Expenditures, and Excise Taxes: IRS Issues Guidance

Freeman Law on

On March 1, 2022, the IRS published its 129-page Exempt Organizations Technical Guide TG 62 Excise Taxes on Taxable Expenditures. While not authoritative or controlling, the guidance addresses in great detail the definitions...more

Foley & Lardner LLP

Private Foundation Grants Used to Satisfy Personal Pledges May be Self-Dealing

Foley & Lardner LLP on

Private foundations are subject to special rules relating to conflicts of interest. These are called “self-dealing” rules. These rules flatly prohibit transactions between interested persons (known as “disqualified persons”)...more

Foley & Lardner LLP

Seventh Circuit Examines Conflict of Interest Issue Relevant to Private Foundations

Foley & Lardner LLP on

The board members or trustees of private foundations frequently serve on the boards of organizations that apply for and receive grants. This may present the possibility of a conflict of interest issue when the foundation...more

Goodwin

Private Foundations: A Brief Overview of Rules and Practical Steps for Grant-Making

Goodwin on

Private Foundation Rules to Remember - Private foundations must follow a variety of rules to avoid the imposition of potentially onerous penalty taxes on the foundation and its related parties...more

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