How Do You Start A Private Foundation?
• Ask yourself why you want to set up a foundation and what values do you want to convey through your giving if you are able to set up a foundation. • Determine if you want to support a broad range of activities or if you are more interested in narrowing your activities. This may in part be determined for you depending how much money you will have. • Accept the fact that if you do set up a private foundation and give a large sum of money to it, you will not have access to that money ever again. • While there are various tax benefits to starting a foundation, relinquishing access to the amount of money necessary to start a foundation is one of the biggest hurdles for those interested in starting a foundation. • Determine that the private foundation you wish to start is not actually a public charity. Your private foundation should not have an active program of fundraising and that you will instead of a single major source of funding. • Determine that your foundation will give grants to o
