2002 tax forms
To gain the favorable advantages in the community. 2002 tax forms Texas sales tax. 5. To involve employees to help reach charitable goals. 6. 2002 tax forms Tax tables. To gain the satisfaction that people are being helped. 7. To shield officers and owners from many requests to give. 2002 tax forms State income tax rates. 8. To gain the income tax advantages. QUESTION: Is it difficult to form a private foundation?ANSWER: No. The process is relatively simple. A trust or a charitable corporation is formed and an application is made to the Internal Revenue Service for exempt status. QUESTION: Does the private foundation have to distribute a certain amount of dollars each year?ANSWER: Yes - an amount equal to at least five (5%) percent of its assets each year. It has the year in which the amount is earned and all of the subsequent year to make this distribution. Also, if in a particular year it distributes more than five (5%) percent it is allowed to carry-over these amounts to later years. QUESTION: Can the private foundation distribute more than five (5%) percent each year?ANSWER: Yes. The amount it can distribute each year is unlimited. QUESTION: How long does a private foundation last?ANSWER: It can last forever. This depends upon the persons who are operating the foundation. QUESTION: Is it difficult to end a private foundation once formed?ANSWER: The private foundation can be ended anytime by simply distributing the foundation assets to a charity - - - no part of funds can be paid to private individuals. Activities of the FoundationQUESTION: Are the charitable activities that can be carried-on by the private foundation limited?ANSWER: While there are some broad limits, there is a very wide area of opportunity for the private foundation limited only by the imagination of the trustees or directors of the foundation. QUESTION: Does the private foundation have to be large in order to be effective?ANSWER: Clearly the answer is no. While there are many very large private foundations, it is clear that the private foundation that is "small" can still be very effective in a community and in the lives of many people. QUESTION: What are some examples of the ways in which a small private foundation can be effective?ANSWER: The answer to this question could fill a book. A private foundation can be effective by providing dollars but also can be effective - - -By being an advocate - - -By pulling together resources of a community - - -By loaning money - - -By being a catalyst for action - - -By spurring others to action with awards and recognitions. QUESTION: Does the private foundation conduct its own charitable activities?ANSWER: While this is possible - - - in most cases the private foundation will decide upon charitable goals - - - will then award a grant to an agency - - - and the foundation will monitor the results. QUESTION: Can the private foundation grant scholarships to qualified individuals?ANSWER: If the foundation conducts its scholarship program through a school - - - the foundation provides the funds and the qualifications and the school processes the scholarships.
2002 tax forms
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