Extract to table
Pull the structured facts out of a document: parties, dates, amounts, obligations.
Extract to table / private-foundation-vs-daf-comparison.docx
private-foundation-vs-daf-comparison.docx
Parties
HARKNESS LLP
New York Not-for-Profit Corp
Caldwell Ridgeline Capital LLC
Stonecrest Realty Holdings LLC
Strauss LLP
Meridian Crest Partners LLC
M. Hartfield
Fairchild LLP
Dates
March 15, 2023
February 6, 2023
March 20, 2023
May 15, 2023
July 14, 2023
February 14, 2023
February 22, 2023
March 1, 2023
April 1, 2023
Amounts
$10,000,000
$5,000,000
$2.1
$300,000,000
$18,000,000
$500,000
$60,000,000
$80,000,000
$38,000,000
$15,000,000
Obligations
Family engagement in philanthropy is a core value, and the chosen vehicle must accommodate perpetual family involvement
" A private foundation is required to file IRS Form 990-PF (Return of Private Foundation) annually
The foundation must also file with the New York Attorney General's Charities Bureau (Form CHAR500) and comply with all applicable state registration and reporting requirements
Specifically, the bylaws will provide that, upon the death, resignation, or incapacity of any family-member director, successor directors shall be nominated from among the lineal descendants of Jonathan R
Under IRC § 4942, a private foundation is required to distribute at least 5% of the average fair market value of its net investment assets annually for charitable purposes
This means that a portion of the foundation's legal fees, accounting fees, investment management fees, and other operational costs will count toward the minimum distribution requirement, reducing the amount of actual grants that must be made