Unleashing the Power of Your Private Foundation's Purpose
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×Select SK Financial for your private foundation setup, offering a process up to three times less expensive and twice as fast compared to law firms. Our CPA experts ensure a seamless, cost-effective experience. Start simply with our online form.
Our Private Foundation Package Includes: |
SK Private Foundation |
Traditional Law Firm |
|
|---|---|---|---|
| Fee | $3,250 | $7,500-$25,000 | |
| Processing Time | 3 - 10 Days | 10 - 30 Days | |
| Guidance & Filings | |||
| Free Entity Type Consultation | |||
| Articles of Incorporation Filing | |||
| New Business Federal ID Application | |||
| 1023 Application for Tax Exemption | |||
| Assistance with Bylaws | |||
| Tools & Resources | |||
| Sample Bylaws | |||
| Access to CPA Resource Library | |||
| Secure Online Portal Access | |||
| Value & Assurance | |||
| Save 200-300% vs Law Firms | |||
| Accountability: We Pay for Our Mistakes | |||
| Accuracy Guarantee for Your Peace of Mind | |||
| Year-Round Assistance | |||
| Extras & Rewards | |||
| Referral Program Benefits | |||
| Free Amended Filings (if our mistake) | |||
| Transparency & Efficiency | |||
| Clear Processing Time and Fees | |||
| Get Started | |||
Unleashing the Power of Your Private Foundation's Purpose
Private foundations can support a wide range of charitable activities, including but not limited to education, health, poverty alleviation, arts and culture, environmental conservation, and scientific research. The specific focus areas are determined by the foundation's mission and goals.
| Aspect | Public Charities | Private Foundations |
| Definition | Tax-exempt 501(c)(3) organizations exist to serve the public good. | Tax-exempt 501(c)(3) organizations exist to serve the public good. |
| Primary Activities | Conduct charitable activities and provide services. May make grants, but not primarily. | Primarily, they make grants to public charities, sometimes conducting their own charitable activities. |
| Source of Financial Support | Derive financial support from the public (individuals, government, corporations, and private foundations) through donations and grants. |
Typically funded by a single individual, family, or corporation. |
| Public Support Requirement | Must prove that most funding comes from public support to maintain tax status. | Self-funded; not required to demonstrate public support, avoiding IRS tests applicable to public charities. |
| Board of Directors Composition | Governed by a diversified board reflective of the constituency served, the majority must not be related by marriage or blood. |
May be governed solely by the donor(s) or a board consisting of family and/or individuals chosen by the donor(s). |
The board of directors is responsible for overseeing the foundation's operations, making strategic decisions, and ensuring compliance with regulations. Board members play a crucial role in defining the foundation's mission, setting policies, and approving grants.
Seeking a free consultation for inquiries about our services? Don't hesitate to reach out to us today. Our dedicated team is ready to assist you with all your needs. We're here to offer you expert guidance and tailored solutions. Contact us now to discover how we can meet your requirements!
At SK Financial, we genuinely believe that our success is intricately linked to yours. Together, let's embark on this journey to financial success, and we'll be there every step of the way to support your goals.
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