Anatomy of a Foundation Compensation Controversy
Author: Carol P. Schaner, J.D., LL.M..
Source: Volume 05, Number 05, July/August 2006 , pp.5-6(2)
< previous article |next article > |return to table of contents
Abstract:
When the IRS reviewed a private foundation’s Form 1023 Application for Recognition of Exemption, it raised issues of trustee compensation, proposed grants and minimum distributions, and the relationship of these items to each other. In this article, Ms. Schaner describes the circumstances of the case, issues raised by the IRS, and the responses filed on behalf of the foundation. The end result was a favorable exemption letter for the foundation.Keywords:
Affiliations:
1: Gordon & Rees LLP.