It is not uncommon for individuals or families or even companies who have established a private foundation to become overwhelmed with the responsibilities and costs associated. One solution for your client is to transfer the assets to Cobb Community Foundation. Compare and contrast private foundations to Donor-Advised Funds here.
Section 507 of the Internal Revenue Code allows for the termination of a private foundation by the transfer of its assets to one or more public charities, each of which must have been in existence for at least five years. Cobb Community Foundation satisfies both of those requirements. The private foundation assets can be used to create or add to an existing fund.
Create a little simplicity in your client’s life… and yours by contacting Barbara Garner, Donor Services Manager at Barbara@cobbfoundation.org or 770-859-2359.