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Private Letter Ruling Review Grants to Individuals: IRS Approves a Variety of Foundation Programs  


Author:  Staff Editors.


Source: Volume 08, Number 03, March/April 2009 , pp.5-8(4)




Family Foundation Advisor

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Abstract: 

While private foundations may make grants to individuals, there are significant limitations. If such a grant is for made for travel, study, or any other similar purpose it will be subject to penalty tax as a taxable expenditure unless the grant satisfies ยง4945(g). That provision requires that the grant must be awarded on an objective and nondiscriminatory basis pursuant to a procedure approved in advance by IRS.

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