Private Foundations: A Great Idea or a Trap for the Unwary?

Gallo, Jon
August 2007
Journal of Financial Planning;Aug2007, Vol. 20 Issue 8, p34
Academic Journal
The article discusses private foundations as a means of pursuing charitable goals. Foundations can be a good way for a benefactor's children to become involved in philanthropy, but caution must be observed. Family members who sit on a foundation's board of directors have a fiduciary responsibility to the foundation, and so need to remain current with day-to-day operations. Prudence demands that accurate minutes of board meetings be kept. Foundations need to be wary of self-dealing, or entering into business arrangements with certain contributors.


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