FAIRFIELD, CT –October X, 2017– In response to hurricane damage in Texas, Florida and Puerto Rico, many responded quickly and generously to relief efforts. However, the full picture of needs on the ground is only now emerging.
To aid ongoing recovery efforts, Foundation Source today announced the availability of disaster relief applications for private foundations that want to give financial assistance directly to individuals and families affected by these disasters. The applications, which were designed by Foundation Source for its clients, can be used as a guide and adapted for other private foundations that would like to help the victims. The IRS allows private foundations to offer emergency assistance directly to individuals and families in need, as long as the foundation follows IRS regulations governing these types of grants.
“These forms are designed to satisfy the IRS’s record-keeping and needs assessment requirements, so that funds can be expedited directly to the victims of these disasters while keeping the foundation’s efforts in compliance,” said Jeffrey D. Haskell, Chief Legal Officer at Foundation Source.
Foundation Source has also created a specific program to assist corporate foundations in establishing emergency assistance procedures to help employees and their families who are potentially impacted by natural disasters, along with tips to manage the mandatory, independent selection committee process.
“As devastating as it is to see what has transpired in Texas, Florida, and Puerto Rico, it is equally inspiring to hear from numerous clients asking for ways to get involved and help those in need,” said Susan Friedlander Calzone, Chief Executive Officer at Foundation Source. “These processes allow our clients, as well as the rest of the private foundation community, to provide financial assistance quickly and efficiently.”
About Foundation Source (www.foundationsource.com)
Foundation Source is the nation’s largest provider of comprehensive support services for private foundations. The company’s administrative services, online foundation management tools, compliance, and philanthropic advisory services provide a complete outsourced solution, including the creation of new foundations. Our clients supply the vision; we provide everything else.
Now in our second decade, Foundation Source provides its services to more than 1,300 family, corporate, and professionally staffed foundations, of all sizes, nationwide. We work in partnership with wealth management firms, law firms, accounting firms, and family offices as well as directly with individuals and families. Foundation Source is headquartered in Fairfield, Connecticut.