self-dealing; private foundation

self-dealing; private foundation

Forum topic posted in Forum on 23 June 2008| 1 comments
audience: | last updated: 23 June 2008
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csangster's picture
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Joined: 10/05/2000
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Private foundation makes a grant to a theater group and the membership level ($5,000) provides valet parking for any events. I am concerned that the "benefit" of valet parking (not an insubstantial amount in any locale these days) for the season is an impermissible benefit under the self-dealing rules (the foundation founders want to take advantage of the valet parking pass). Is the benefit so incidental that there is no violation under section 4941? Is this analogous to the prohibition of a private foundation paying for a gala dinner and having the founders attend? What say ye, learned planned giving design community? Claudia Sangster Harris myCFO, Inc.

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csangster's picture
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Joined: 10/05/2000
Points: 229
self-dealing revisited (I hope!)
Fellow listers--I didn't get a single reply on this some weeks back and I am hoping it is because summer vacations have taken precedence over replying to comments and not because the question is poorly drafted, too esoteric or because my handwriting is too hard to decipher. :-). I know that there are some folks out there who will have experience with this question so if you are back from the beach or other exotic places and have the time, please reply to this weary "haven't-been-on-vacation-yet" soul who could use your help! Here is the scenario: Private foundation makes a grant to a theater group and the membership level ($5,000) provides valet parking for any events. I am concerned that the "benefit" of valet parking (not an insubstantial amount in any locale these days) for the season is an impermissible benefit under the self-dealing rules (the foundation founders want to take advantage of the valet parking pass). Is the benefit so incidental that there is no violation under section 4941? Is this analogous to the prohibition of a private foundation paying for a gala dinner and having the founders attend? What say ye, learned planned giving design center community? Claudia Sangster Harris myCFO, Inc.
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