Overview
Foundation Creation and Comprehensive Support
We work with a wide range of law firms, from individual practices that have limited experience with private foundations to large firms with entire departments devoted to exempt organizations.
Our services range from the basic support all foundations require to highly customized solutions for complex and sophisticated giving programs. We do not provide legal counsel or manage assets, but take care of everything else needed to run a foundation efficiently and compliantly.
If desired, we can also help with foundation creation, working behind the scenes for you or directly with the client.
Common Misperceptions
Historically, private foundations were expensive and complicated to set up and run. Foundation Source changed that forever.
Foundation Source provides a fully outsourced service that modernizes private foundations. Nevertheless, the following common misperceptions still persist.
Misperception: It takes at least $5 million to start a private foundation.
The Reality: Of the 91,000 foundations in existence today, 88% have assets below $5 million and 66% are under $1 million. Through Foundation Source, it is practical to start a foundation with as little as $250,000 and grow it over time.
Misperception: Foundations are time-consuming and costly to create.
The Reality: Foundation Source can have a new private foundation up and running in less than a week for a very reasonable fee.
Misperception: A donor-advised fund is easier to manage.
The Reality: Today, a foundation can be as easy to manage as a donor-advised fund. Foundation Source takes care of all the administrative tasks and provides easy-to-use online tools that keep donors in control.
Misperception: If your client chooses the wrong vehicle, he or she can unravel the decision later.
The Reality: If for some reason it becomes necessary to close down a private foundation, you can always grant those funds to a donor-advised fund. However, it is all but impossible to convert a donor-advised fund to a private foundation. Contributions to a DAF are irrevocable, owned and held by the sponsoring organization.
Benefits to Attorneys
We work with a wide range of law firms, from individual practices that have limited experience with private foundations to large firms with entire departments devoted to exempt organizations.
Here’s how we can help you serve your clients:
Legal Sounding Board
Our legal staff knows the IRS Code pertaining to private foundations inside and out, but we do not provide legal advice to clients. You can tap our expertise about foundation matters without worry that we will interfere in your client relationship.
Peace of Mind
Our daily involvement enables us to spot potential issues before they become problems, and refer those clients back to you.
Practical Knowledge
Our understanding of the day-to-day operational issues of foundations can help guide you when making recommendations to your clients about legal alternatives that are otherwise comparable.
