Overview

Take a deep breath in. Slowly let it out. Feel more at ease? What if you could let out this same sigh of relief when thinking about the tax demands for your client’s private foundation? The philanthropic experts at Foundation Source are here to help you breathe easier.

For the past 20+ years, we’ve specialized in supporting private foundations and complementing the services of their most trusted advisors, including attorneys, accountants, investment managers and other professionals. As a trusted CPA looking to assist your clients with their philanthropic endeavors, we can serve as an extension of your winning team.

How We Work with You and Your Clients

Your Foundation Clients
Your client can continue to govern their foundation, set strategy, and make all granting and investment decisions. We will provide a foundation management platform and wrap around administrative services to help them run their foundation. Working together with you on their foundation’s tax needs, they will also continue to partner with their existing wealth advisor and attorney. We’re here to help knit it together and provide expert guidance when questions come up.

  • Our configurable suite of services includes administrative, compliance, advisory and technical solutions for modern philanthropy
  • Our tech-enabled services provide the day-to-day administration required to keep foundations running smoothly and compliantly
  • We serve as a resource for experts with tax and legal teams that are well-versed in the rules governing private foundations and are available for consultation
  • We provide a dedicated Private Client Advisor who will serve as the primary contact and coordinate all services provided by Foundation Source

Your Firm
You’ll gain access to the foundation’s reconciled asset and transaction data through our online platform. We do all the “behind-the-scenes” administrative work while your firm maintains its role as the primary tax advisor and preparer for the foundation. We make it easier for you to:

  • Calculate quarterly excise taxes
  • Prepare and file federal returns (990-PF and related filings) and state filing

We also provide:

  • Reconciled financial data needed to prepare the foundation’s state and federal filings
  • A simple, convenient way to get all the data you need to prepare and file returns on time
  • Foundation compliance monitoring by our experts who flag potential issues before they become problems

Philanthropic Services Tailored to Your Client’s Needs

Administrative Support

Our professional staff handles the details that keep foundations running smoothly, so philanthropists can focus on their goals. We take care of:

  • Grant processing and disbursements
  • Expense processing
  • Active compliance monitoring of foundation activities
  • Tracking the foundation’s progress toward meeting its 5% minimum distribution requirement
  • Foundation accounting and reconciliation
  • Coordinating to facilitate your tax work

Specialized Online Tools

Every foundation gets access to Foundation Source Online®, a secure, web-based “command center” that centralizes administration. Developed specifically for the needs of private foundations, this award-winning technology platform simplifies foundation control, communication, and collaboration. Designated foundation members get instant access and total transparency into foundation activities. Features include:

  • Individually customized viewing rights and granting permissions
  • An integrated database and specialized tools for charity research and grantmaking
  • Online tracking, and reporting, including investment balances across all accounts

Philanthropic Advisory Services

Foundation Source Philanthropic Directors are experienced professionals who are available to provide philanthropic advice to the foundation via periodic phone consultations. If the foundation requires more extensive support, our Philanthropic Directors can provide in-depth, custom engagements.

Foundation Creation

We are happy to work with a family’s attorney as they provide services for creating a new private foundation while we coordinate on administration. Alternatively, we can provide the foundation entity and file IRS Form 1023 for recognition of exempt status. We’ll also provide articles of incorporation, bylaws, and investment, expense, and conflict of interest policies, which can be modified by the foundation.

 

In Summary

We have decades of experience supporting private foundations. We know that foundations and their needs come in all shapes and sizes. Our goal is to take the time to understand your practice and your clients, so we can help forge the best path forward. In the end, your clients want to make a difference with their philanthropy…and it’s our mission to help them do just that.