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| Advisors' Forum |
Act Globally
02/01/2007
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In terms of getting other family members involved, the
selection of directors and officers would be the best tool. Then committees
formed at the board level can have particular family members focus on specific
projects.
John C. Vryhof, Snell & Wilmer, Phoenix
It is possible to set up a family
foundation in another country based on the laws of that jurisdiction. There also
are cases of foundations headquartered outside the U.S. that have U.S.-based
trustees. However, in some countries where tax incentives for giving are weak or
nonexistent, the tax situation may be disadvantageous, requiring, for example,
that the foundation’s assets be taxed as a business. Individual circumstances
and national laws vary, so it is best to obtain legal counsel wherever the
foundation is to be established.
To receive U.S. income tax deductions, a contribution generally
must be made to an organization created or organized in the U.S. Although the
IRS may recognize foreign charities if they qualify for 501(c)(3) tax-exempt
status under U.S. law, doing so does not make gifts deductible and does subject
the foundation to U.S. regulation.
One of the best ways to get family members involved is to
choose issues that relate to their interests, then have them visit the projects
they are funding.
For information on starting a foundation in Europe, visit the
European Foundation Centre’s website. The U.S. International Grantmaking Project
website provides information on how to make international grants from
foundations created in the U.S. For advice on starting a family foundation,
visit the Council on Foundations’ website.
Susan Price, Council on Foundations, Washington,
D.C.
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