Starting a foundation allows you to leave a permanent legacy in the world.
We offer turn-key solutions to start your foundation with ease. And we empower you to have the knowledge you need to run your foundation with confidence.
What is a Foundation?
A foundation is an organization that supports charitable activities for the common good. Foundations work to help other organizations, institutions, or individuals for scientific, educational, cultural, religious, or other charitable purposes.
Although contributions to private foundations technically are tax deductible, many of these nonprofits do not accept donations from others. Rather, many times foundations are set up with funds given by a small group of individuals, by a families, or by a corporation.
Foundations usually invest their principal funding, then distribute the income from those investments for charitable purposes. Foundations often make financial grants to others. Some foundations may operate programs.
We help you understand the various types of foundations:
- Private Non-operatingFoundations
- Community Foundation
- Corporate Foundations
- Private Operating Foundations.
Learn more: What is a Foundation?
Ready to Start a 501(c)(3) Tax-Exempt Foundation?
Many people do not realize that setting up a foundation includes several major steps with various government agencies. We complete all of the work to set up your group as a nonprofit corporation and as a tax-exempt entity – state corporate matters and IRS applications. This really is a Complete Package. We handle it all. We will:
- Reserve your nonprofit name
- Draft and file the Articles of Incorporation
- Obtain a Tax Identification Number (EIN) from the IRS
- Work with your staff to write a statement of purpose, mission statement, and description of your program activities, as required by the IRS
- Advise founders on board of director selection and determine structural board issues
- Work with your staff on the preparation of a three-year budget, as required by the IRS
- Draft bylaws
- Draft IRS Exemption Application (501(c) category – Form 1023, 1024 or other)
- File Form 2848 with the IRS
- File state tax-exemption application and/or registration
- Draft the organizational meeting agenda for the first meeting of the board of directors
- Prepare governing documents, including Document Retention Policy, Conflict of Interest Policy, Whistleblower Policy
- Serve as your representative before the IRS with any inquiries related to your application.
We offer flat rate packages — so there are no surprises. We are based in Austin, Texas, and we help clients nationwide.
Managing Private Foundations
The Cullinane Law Group helps private foundations to establish policy development, grants management, and grants administration, so that your programs have the strongest impact. We help with:
- Donor intent, investment, and administrative policies and procedures
- Foundation’s grant-making practices
- Establishing foundation guidelines, procedures for monitoring and reporting on grants
- Contracts to ensure effective use of funds
- Issues from grants to non-traditional recipients
- Grants to individuals
- Executive compensation
- Private foundation rules and regulations
- Commercial and entrepreneurial activities, and when they may cross the line to become unrelated business income tax
- Public charity support tests and qualification