How would an overseas school utilize such a foundation?
A. Foundations are legal entities which, once established and awarded exemption from US income tax by the IRS, can serve as the US base to receive donations, which are then classified as exempt of US federal taxes to the donor. ISS will provide management services to the school’s support foundation once it has been brought into being by counsel, whose expertise is in the establishment of such entities; and ISS can receive and acknowledge contributions in conformance with IRS guidelines on the foundation’s behalf.
