Form 1023: A Potential Trap for the Unwary


Categories: Advisors Starting a Foundation

Search Topics: Private Foundation Basics

Filing Form 1023, Application for Recognition of Exempt Status, is usually a private foundation’s first interaction with the Internal Revenue Service. This form is significant for a fledgling foundation because it will be subject to IRS scrutiny and, once completed and submitted, the foundation’s Form 1023 will be available as a matter of public record. Because Form 1023 is so important, it is imperative that it be completed accurately and carefully—a task that even seasoned advisors often choose to leave to private foundation specialists, such as the professionals of Foundation Source.

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