Services for Attorneys
Private foundation services for attorneys
and their clients.
  1. Services for
    Your Clients
  2. Common Misperceptions
  3. Benefits to Attorneys
  4. Fast Track Pro
  5. More Information
  • Working for Your Clients: Foundation Creation and Support

    For our full-service offering, we engage directly with the client, keeping the attorney informed and involved as requested. Services include foundation creation, if needed, administrative support, compliance monitoring, transaction processing, online foundation management tools, and philanthropic advisory services.

    Our experience in working with private foundation clients over the past decade has shown that new philanthropists benefit tremendously from this support, particularly during the first few years of operation.

    The result: better-run and more effective private foundations, with the ease and simplicity of a donor-advised fund.

    Our support services are also available to previously established foundations.

  • Historically, private foundations were expensive and complicated to set up and run. Foundation Source changed that forever.

    Foundation Source provides a fully outsourced service that modernizes private foundations. Nevertheless, the following common misperceptions still persist.

    • Misperception: It takes at least $5 million to start a private foundation.

    The Reality: Of the 86,000 foundations in existence today, 88% have assets below $5 million and 66% are under $1 million. Foundation Source makes it practical to start a foundation with as little as $250,000.

    • Misperception: Foundations are time-consuming and costly to create.

    The Reality: Foundation Source can have a new private foundation up and running in less than a week for a very reasonable fee.

    • Misperception: A donor-advised fund is easier to manage.

    The Reality: Today, a foundation can be as easy to manage as a donor-advised fund. Foundation Source takes care of all the administrative tasks and provides easy-to-use online tools that keep donors in control.

  • We work with a wide range of law firms, from individual practices that have limited experience with private foundations to large firms with entire departments devoted to exempt organizations.

    Here's how we can help you serve your clients:

    • Legal Sounding Board

    Our legal staff knows the IRS Code pertaining to private foundations inside and out, but we do not provide legal advice to clients. You can tap our expertise about foundation matters without worry that we will interfere in your client relationship.

    • Peace of Mind

    Our daily involvement enables us to spot potential issues before they become problems, and refer those clients back to you.

    • Practical Knowledge

    Our understanding of the day-to-day operational issues of foundations can help guide you when making recommendations to your clients about legal alternatives that are otherwise comparable.

  • Working for You: Fast Track Pro

    Fast Track Pro is a service exclusively for attorneys that focuses on the creation of private foundations. It is designed for attorneys who wish to be involved in the set-up of the foundation and serve as the primary contact with their clients. We work for you, behind the scenes, to provide the foundation entity, a non-stock Delaware corporation, create and file IRS Form 1023 for Recognition of Exemption, and track that filing through issuance of the foundation's Determination Letter.

    Once the foundation is set up, the client can opt to take advantage of our ongoing administrative services.

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  • To learn more about how Foundation Source can help you serve your philanthropic clients, here are some possible next steps.

    Download
    Document
    Download our Getting Started Guide for Attorneys.
     

    Manage Your
    Foundation
    Visit the 'Manage Your Foundation' zone to get details about the integrated support services we provide for all foundations.
     

    Foundation Source is the nation’s largest provider of comprehensive support services for private foundations, bringing unparalleled knowledge and expertise to clients across the country. Our clients supply the funds, the vision, and the philanthropic goals; you provide legal counsel; we take care of everything else.
     
     
     
    Contact us to ask any questions you may have or to discuss the needs of a specific client.

Related Resources
  • Getting Started: A Guide for Attorneys
    Helping Lawyers Say "Yes" to Clients Who Are Considering a Private Foundation


  • Foundation Source Detailed List of Services
    We provide so many services for private foundations that it takes a 30-page brochure to describe ...


  • Common Tax Reporting Errors Made by Private Foundations
    Foundation Source reviews hundreds of 990-PFs each year that were prepared by other organizations. ...


  • Tips for Qualifying for the 1% Tax Rate
    With careful planning, a private foundation can reduce its excise tax rate from 2% to 1% in select ...


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