Residing in the Florida Panhandle, the Price family wanted to establish a family foundation to provide direct help to individuals and families within the community who had encountered difficulties in their lives. However, according to Mrs. Jo-Ann Price, attorneys and tax advisors cautioned that IRS regulations governing private foundations made this type of granting complicated and time consuming.
Fortunately, the Price family discovered Foundation Source. Working closely with the IRS, Foundation Source established a process by which private foundations could easily make Emergency and Hardship Assistance grants directly to individuals and families in need, without the full-blown burden of expenditure responsibility. Because of this innovative and specialized service, the Price family became a client of Foundation Source and created their charitable foundation.
How They Work With Us
Five months later, Hurricane Ivan hit the area, and its devastating impact left thousands of people in need of immediate assistance. As a Foundation Source client, The Price Family Private Foundation provided assistance to over 100 families, focusing on those in public service–including teachers, nurses, law enforcement officers and others–who stayed on the job to help storm victims despite the damage or destruction of their own homes.
These grants went directly to individuals in dire need and helped provide them with food, clothing, shelter and other necessities. And they have started a chain reaction of good works, as The Price Family Private Foundation asks each recipient to “pay it forward” and aid someone else in the future, if at all possible.
To expedite the grantmaking process, Foundation Source crafted a highly detailed statement about the effects of the hurricane that Mrs. Price could use with the grant application forms she sent out, so this portion of the application did not require completion by every single applicant. This helped to expedite the process for both the foundation and the applicants.
Their Experience Now
According to Mrs. Price, “Foundation Source helped my community as much as it helped me. They are ‘can do’ people who respond immediately to every request. They make helping others so much easier.”
