Jeffrey Haskell, Chief Legal Officer at Foundation Source, discussed the complexities of preparing the Form 990 PF for foundations, the taxation of private foundations, and the importance of foundations distinguishing between capital assets purchased and those donated. He also highlighted the different types of qualifying distributions that can satisfy the Minimum Distribution Requirement (MDR), the calculation of the MDR for 2023, and the strict rules governing foundations. Lastly, he clarified the guidelines for charitable foundations regarding disbursements, the stringent expenditure and responsibility rules, and the process for classifying assets and handling recoveries.
