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 Foundation?
We offer a turn-key package for starting your foundation. Your foundation can be set up the right way…the first time. We handle it all! We:
- Determine the best corporate and tax structure for your organization
- Offer counsel on operations, board and management structure, scholarship, international giving, and more
- Draft and file Articles of Incorporation
- Obtain a Tax Identification Number (EIN) from the IRS
- Draft bylaws and conflict of interest policies, as required by the IRS
- Draft IRS Exemption Application (501(c) category – Form 1023), including budgets, statement of purpose, mission statement, and description of your program activities, as required by the IRS
- Serve as your attorney before the IRS and handle all follow-up inquiries related to your application.
We also help certain foundations with state franchise tax exemptions, state registrations, ongoing counsel regarding fundraising, insurance, risk management, staff matters, managing for-profit/nonprofit arrangements, and more.
We offer flat rate packages — so there are no surprises. 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
We assist with international matters, including:
- The complete start-up of “friends of” organizations;
- Foreign grant-making practices and oversight;
- Compliance with anti-terrorism and foreign asset control regulations;
- Developing international affiliates and operations.
We help strong organizations with
- Corporate giving programs
- Commercial co-ventures
- Fundraising organizations
- Donor advised funds