Q&A for How to Start a Private Foundation

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How can I create a fund for young children who have recently lost their mother?

Community Answer

You need to be able to get out there and let people know about your fund. Create a website or something to get people's attention. Add the story of why you are creating this fund. (For websites, there are plenty of free websites that you can use to create your own websites like "Wix"-check it out. Really great.) Then find people who would be willing to add to the cause. This can usually help in a chain reaction of others helping out as well.

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What major things should I focus on before starting the foundation?

Community Answer

Before starting a foundation, you'll need to define your mission and secure funding and a team of people who will help you reach your goals.

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Are raffles authorized in a private foundation?

Community Answer

It depends on who you are planning to sell to. If it is family and friends, then it is authorized. If strangers, then it is not such a good idea.

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Question

Can I use fundraisers to fund a private foundation? Can I start charity activities before I register the foundation?

Community Answer

Before you start a foundation, you must have registered your foundation and comply according to section 501(c)(3),and also apply for apply for (EIN) for your foundation to be known also by the government .

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Question

How do I start a private foundation for my autistic child?

Community Answer

Register your foundation and get yourself the form 1023 for application for Recognition of Exemption under section 501(c)(3). Also, you must write down reasons why you want to start that foundation.

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What are the documents needed to register a private foundation?

Community Answer

You need: 1. An incorporated company; 2. All the directors profiles if you are not alone; 3. Fill in the form 1023; 4. An application form for the IRS.

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Question

How do I get funds for my private foundation?

Blackbull Futurist

Community Answer

You have to already have money to give away, but you can entice corporations and individuals to fund your foundation, this will require you to be persuasive and give the funders a good reason to chose your fund. Another way to get funds is by investing your foundation's funds to investment vehicles that will yield profits, and then use that profit for charitable causes.

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