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Foundation Services for Attorneys
Related Resources
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Getting to Know Us
Whether you plan to create a new private foundation, or have already established one, Foundation Source has ... Read More
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Foundation Source Detailed List of Services
We provide so many services for private foundations that it takes a 30-page ... Read More
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Advanced Tax Strategies for Private Foundations
Learn about several strategies private foundations can employ to reduce their ... Read More
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Common Tax Reporting Errors Made by Private Foundations
Foundation Source reviews hundreds of 990-PFs each year that were ... Read More
"There are so many rules governing private foundations that are not necessarily obvious. Foundation Source is great at helping keep foundations out of trouble. They provide the right policies and checklists to help prevent mistakes, and their back-office and tax preparation services are less expensive than buying these services à la carte from a variety of professionals. Our clients are very happy with Foundation Source. They get good results, inexpensively."
Charles Fayerweather Hemenway & Barnes
"Foundation Source provides the experience and expertise that make private foundations operate efficiently and effectively, not only from a standpoint of legal compliance, but also best practices for grantmaking. I’ve worked with various individuals at the company, and have found them to be very knowledgeable in this complicated area and extremely attentive to the needs of my clients. "
Doug Mancino McDermott, Wills & Emery
As an attorney advising philanthropically motivated individuals and their families, clients turn to you for a wide range of services related to their estate planning and charitable needs. This often includes questions about creating and administering foundations. For attorneys who are looking for a one-stop solution to provide clients with everything they need to create, administer and grow their foundation, Foundation Source is an excellent option. From private foundation administration to compliance to philanthropic advisory services, we have services to assist both you and your clients on every step of the philanthropic journey.
The Journey
From private foundation administration to compliance to philanthropic advisory services, we have services to assist both you and your clients on every step of the philanthropic journey.
Get Started Now!Step One:Foundation Formation
Through our full-service offering, we work directly with your client to create their private foundation. Once your client submits a completed application, a new foundation is formed efficiently and cost-effectively as a Delaware corporation in less than one week. Once funded, we also file IRS Form 1023 for tax-exempt status. Our process is reliable and proven. It’s especially helpful for those attorneys whose in-house resources may be limited, whose experience with foundations is occasional, or who simply don’t have the time to keep up with the changing regulatory environment. We have delivered more than 1000 private foundations using this proprietary process.
Step Two:Administration and Compliance: We Keep Watch After the Foundation is Set Up
Whether we provide the foundation or your client already has a foundation and is looking for support running it, our complete, integrated suite of support and advisory services keeps private foundations running smoothly and compliantly with IRS regulations. Your clients can engage in the kind of creative, innovative philanthropy they are looking for without concern for hidden or unexpected risks. We handle all the back-office details, including tax preparation, state filings, compliance monitoring, transaction processing, reporting and much more. You and your clients can rest assured that we’re constantly monitoring the foundation and will alert you to any potential problems. Because our services are tiered, your clients pay only for the level of support they need and, as they grow, our services and support can grow with them.
Step Three:Guiding Clients on Their Philanthropic Journeys
Foundation Source provides you and your clients with a specialized team of experienced philanthropic advisors. Foundations can expand their goals and strategies without adding staff or overhead. Clients get the expertise they need, when they need it. Whether it’s a phone call to answer a quick question or an in-depth engagement around governance, mission, strategy, program development or family engagement, they can get the help they need from Foundation Source.
Step Four:We Direct Clients Back to You for Legal Work
Our hands-on involvement with the foundation’s operations enables us to spot potential legal issues that otherwise might not come to the attorney’s attention. Since we never provide legal advice or practice law, we refer your clients back to you for guidance. In these cases, our team of foundation experts is available to consult with you on options as you wish. We stay completely up to date on the relevant laws, regulations and best practices regarding private foundations, so we are able to support you as needs arise.