Starting a Private Foundation: What it is + Steps to Start
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- Опубликовано: 18 май 2024
- Want to start a private foundation? How is it different from a public charity? How does it support charitable giving? #Philanthropy #charitablegiving #techforgood #privatefoundations #wealthmanagement
I discuss all that and more in this video!
*** Whether you are interested in starting a private foundation, are a company that helps nonprofit foundations get started, or a nonprofit who wants to learn more about getting funding for your cause, learn more about Foundation Source and reimagining philanthropy here!
tinyurl.com/4ydkyj7f
// WHAT TO WATCH NEXT
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// CHAPTERS
00:00 Welcome!
01:15 What is a Private Foundation?
02:20 Types of Private Foundations
03:41 Private Foundation vs Public Charity
05:35 Benefits of a Private Foundation
10:25 Steps to Start a Foundation
// MORE ABOUT ME
Hi! I’m Amber, a nonprofit founder, Executive Director, and public speaker on social impact, changemaking, nonprofits, leadership, and more.
Join my newsletter to receive updates and resources for changemakers and nonprofit leaders: tinyurl.com/nonprofitsandchan...
FOUNDER TO FULL-TIME ACADEMY: Want some training and guidance on starting a nonprofit (and potentially even working for that nonprofit full-time someday?)? Check out my online training courses at my Nonprofit Founder to Full-Time Academy! foundertofulltime.com/
Want me to come speak at your business, college, school, or event? Check out my site: ambermelaniesmith.com/
On Facebook? Talk to me and other change makers about social change, nonprofits, social enterprise, leadership and more in my Facebook group, Change the World or Bust: / changetheworldorbust
I'm also on Twitter: / ambermelsmith
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You definitely want to check out this webinar - tinyurl.com/4ydkyj7f - from my friends at Foundation Source - whether you want to learn more about starting a private foundation, are someone who helps nonprofit foundations get started, or are a nonprofit who wants to learn about getting funding for your cause!
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This has me thinking about new options. Just in time too, I was about to commit to a direction that may have some new support and actions with this new information. Thanks, Kid!
You got this!
@@AmberMelanieSmith I am really needing help trying to get the word out there to people. Social media just doesn't work it's for a family
Thank you you’re great !
Glad it helped!
Thanks ,this is what I needed to know more about . I think it is the fit for my plans. Amber I know you are anxious to hear back from your listeners with some real results from your help,,,,stay tuned you are helping more than you know. Cheers
Thank you for watching! :)
thanks for the information, super helpful :)
Glad it was helpful!
Thank-you ❤
You're welcome 😊
This is exactly what I was looking for. Thank you so much. -loyal subscriber
Yay!
Could you do a video on Donor Advised Funds? thanks@@AmberMelanieSmith
@@vgree Do you have specific questions about DAFs, or just a general overview?
Just a general overview. I guess my more specific question is can it be created in terms of not having to set up a brokerage account through something like fidelity or can it just be created on it’s on and the donations and investments can be distributed without a broker.
Excellent video, and extremely useful information.
Thanks for watching!
Someone may be giving a huge amount of money to continue the character work of my mother who has passed on. Her work was based largely on the work her father did to improve the lives of people and community Wherever he lives in the several states where he lived. . And his work came from some work of his father we also work to make life better for individuals. My sister has two daughters that have good jobs and they want to continue the legacy of my mom because her work has helped them and some of their friends and they’ve seen the work She’s done with other people and they want that work to continue through me and others. Thank you so much for sharing such a wonderful outline so my sister, her daughters and myself can take care of these steps, and we can also work with the Foundation Source.
Thank you so much 🙏🏼, I hope it works the same here in South Africa.
Thanks for watching, I hope it was helpful!
A Best Private Foundation 👍
Hope the video was helpful!
You are truly a blessin! I believe this is the route for me! Very informative video 🙌🏾 I still have a few questions though, do u offer one on one consulting? Also if I choose to incorporate a Private Operating Foundation, do I have to put the word foundation in my name or am I able to put the word Organization in it instead?
Hey there, I sometimes do consulting. You can name it what you want. :)
Could you do a video on how you allocate and spread the money out to support your calls? Like who determines how much and where the money actually goes.
That's a good topic! Did you already watch my video "How to decide which charity to donate to?" It may answer some of that too.
Very interesting and helpful❤@@AmberMelanieSmith
This was great. Thank you. Do you need to have a set amount of money to begin the foundation?
Other than the set up costs, I think that would be something you'd talk through with your financial adviser!
Thank you Amber! That was very helpful. I had a question about the Board of directors in a private family foundation. Can the Board members benefit from a monthly salary for running the foundation, or should it be a volunteer based job like other nonprofits??
In general board member compensation is not typical. Public charities and private foundations board members can hire someone and pay them a salary to manage the organization. Since Private Family Foundations get their funds from their own family (and don't ask for public donations), there may be situations in which private foundation board members could be compensated for reimbursements or routine service within reason but I recommend talking to a lawyer for nuances.
Hello, I want to know that if someone or some organization who can support pastors to look after their church in other countries like in asia .thank you
Not sure! I'd reach out to the Foundation Source folks directly
Thank's a lot Amber I highly appreciate .God Bless You.
Hi Amber. This is awesome and helpful! I have a question if you can answer with some ideas. My sister started a familt foundation last year to provide food for poor people in Africa, How do we go about soliciting grants to help expand to more areas? Currently we are surviving from friends and family donations to support 2-3 events per year. Please advise. Thank you.
Is it a private family foundation? If so, it probably cannot receive charitable grants. Public charities can receive tax-exempt public donations. Private family foundations are typically structured to be funded by the family that started them.
@AmberMelanieSmith Hi Amber. It's a public foundation she registered with IRS as a 501C non-profit organization.
@@uduakudoffia9274 Gotcha - in that case, you want this video instead! :) ruclips.net/video/smIfTdId-4c/видео.html
@@AmberMelanieSmith Thank you very much!
Amber, just watched this informative video. If I purchase property, in Panama, and place title in a Private Foundation in Panama, is the Foundation treated the same, as if it was in the US? Would I still need to file a 501c3 here in the US? Or is it considered a Panama Foundation, subject to their rules?
Hey there, I'm not a legal expert and I'm not familiar with rules outside the USA but I'd say talk to an attorney!
Thank you. This was helpful. Is there a fee to start a foundation?
Getting the legal status you need will require a fee for state and federal registrations at a minimum. If you hire a laywer to help with the paperwork, there's that cost too.
Thank you. So you don't need hundreds of thousands of dollars to start a family foundation but only the registration cost and the attorney cost for preparation. Is that correct? My dad was a playwright and I want to start a foundation under his name to preserve his work and help younger actors that want to perform his plays. Not a money maker and I don't have any money to give an endowment to this foundation. Should I look into some other form of doing that? Thanks again for your help.
@@afshinmofid858 Well, there's no legal minimum, but you do need enough to grant out by law (private foundations give out money). This may help: www.investopedia.com/articles/pf/12/private-foundation-start-up.asp
Thank you. I appreciate your help.
Cause
Gotcha
Hi Amber, does Foundation Source help every step of the way from step 1 thru 8?
I believe so, yes.
I reached out but it seems their minimum is 250k which is way too high for what I have in mind. Do you have any recommendations on who to contact to start a small private/public foundation? @@AmberMelanieSmith
Hi there can I want to create a private foundation but can it be possible to create one that still advertises to the public in order to generate an endowment made up of many peoples investements into the foundation?
Hey there! I talk about this in the video, but private foundations are designed to be funded by a family/company (vs solicit public donations, which would not be tax deductible to a private foundation). If you start a public charity, that structure is designed to request public donations.
@@AmberMelanieSmith no but by investments I mean that they still own that money but it is held within the foundation so it’s not a donation, but then is this concept still known as a foundation
How do you fund a private foundation ? Does the family place post tax or pre tax money into the foundations account??
It's usually post-tax, just like donating to any other charity.
What is the different between the public foundation and the private foundation?
Do you mean a public charity and private foundation? I cover some differences in the video, but in a public charity you are governed by a board elected from the community and can accept public donations; private donations can be governed by family/partners but cannot accept tax deductible public donations.
how much money is required to start a private and public foundation?
There will be filing fees of course (a few hundred to a few thousand depending on if you work with an attorney) but then how much you invest in it is variable.
want a private operating foundation as well as a trust.
Cool!
I think if I win the lottery I'll be giving you a call
Ha ha, awesome
Mutual benefit corporation
What about them specifically?
Hi, I would like to get a marketing expect but can you help me. am also your follower on Twitter. Thanks
Hey there, can you clarify your question?
@@AmberMelanieSmith I made a mistake but l was meaning that I would like to get a marketing expert. can you help me.