When disasters such as the recent southern California wildfires and other crises strike, private foundations are poised to help quickly by granting directly to individuals. In addition to disaster relief, private foundations can also provide hardship assistance grants, scholarship grants, awards, and even prizes. Regardless of what type of grants to individuals a foundation may choose to make, certain procedures must be followed to remain compliant with IRS rules. Join our Chief Legal Officer and Deputy Legal Officer who will clear up some common misconceptions and share the special considerations when making grants to individuals.
Some of the topics covered will include:
- Why would a private foundation want to make grants to individuals?
- When is IRS approval needed and what’s at stake when a private foundation doesn’t comply with applicable IRS rules for grants to individuals?
- The IRS requirements applicable to grants to individuals (other than possible advance approval).
- Types of grants to individuals and special requirements for each (scholarships/emergency/financial hardship/prizes and awards).
- Special rules for employer-sponsored disaster relief and employer-related scholarships.
CFP, CIMA®, CPWA®, CIMC®, RMA®, and AEP® CE Credits have been applied for and are pending approval
