My name is Julie Asti and I am a Certified Financial Planner with Asti Financial Managementand today I am going to talk about how to start a foundation. If you want to start afoundation there are really two initial things that you want to consider. First if you wantit to be a private foundation or a public foundation. A private foundation is one thatis usually funded from one source. It can be a trust fund, a family, a lump sum of moneyfrom just one corporation. It can come from various sources but it is usually just one Home Decorating Ideas .
How to Decorate a Room So It Seems Bigger pot of money or one lump sum that would be considered a private foundation. A publicfoundation is different. It’s diverse and it is actually funded from many different sources and there are certain IRS rules to be considered at public foundation that youshould do research on but that is going to be the first step and that is if you wantit to be private or public. The second step that you are probably going to want to dois you are going to consider the foundation in terms of the length. For example are yougoing to receive a lump sum of money and the foundation’s goal is going to be to dispersethat money to different charitable organizations, when the money is gone the foundation is endedor is the foundation going to be an entity in which you are going to give the money to MALE SPEAKER: I found it extremely difficult coming back into the civilian world. Because … charitable organizations but also retain some of the money so that it can grow and earnon itself so that the foundation will have longevity so you need to really want to consider the time and the horizon that you are looking at that you want the foundation to have. Anotherconsideration is going to be the administrative time that it is going to take you in managingthat foundation.
Are you going to be hiring out help? Are you going to be doing it allyourself? There is also going to be tax consequences for the foundation. Are you going to be doingthose returns and preparing those documents and keeping the details on your own or areyou going to be hiring a firm who is going to be handling that for you because thereare going to be ongoing administrative taxes and responsibilities that are related to runninga foundation. One of the last things you are going to want to do is to create bylaws whichare going to be the legal operating documents for that foundation and once you get to thatstep the last tip comes into play which is really getting some good solid legal help. A foundation can be a very simple organization but you definitely should make sure that itis set up, it is structured correctly, it is structured legally the right way, you haveprotected yourself, you have allowed for the ongoing expenses the tax expenses of the entityand you are doing everything in line with IRS requirements so you really need a truequalified expert, a legal attorney to help you set up the foundation. Sometimes the legalperson can be on staff and can provide ongoing support.
Other times if the organization,the foundation is going to be fairly straightforward or maybe have a set life span it is somethingthat you would be able to get legal help for in the beginning, get the documentation andthe structure set up and then go through and run the foundation on your own for the timethat it has the funds. Those would be some tips about things to consider and things tothink about when you want to start a foundation.