Private Foundations

Private foundations provide an important source of funding for Western New York charitable organizations that support health and human services, education, science, and the arts. To remain healthy, they must be prepared for fluctuations in the investment market and the overall economy. Additionally, they must remain vigilant about complying with IRS regulations.

For the past several decades, Lumsden McCormick has provided accounting and tax services to private foundations throughout our region. Our assurance, tax, and consulting professionals will work proactively with your team to advise your leadership team on complex IRS rules. By staying on top of regulatory changes and monitoring capital gains, we can help minimize tax obligations and avoid penalties for underpayment of estimated taxes. We can also collaborate with your team to plan strategically for how your endowments should be invested.

Our comprehensive private foundation accounting services include:

Audit and Assurance Services

Tax Services

  • Forms 990PF and CHAR500
  • Federal and state tax audits
  • Forms 1023 and 1024 (Initial Formation and Exemption Applications)
  • Form 1099 series filings
  • Unrelated Business Income Taxes (UBIT)

Consulting Services

For more information about our accounting and consulting services for private foundations, contact Donna Gonser or complete the form below.

Services Leaders

Robert Ingrasci

Robert P. Ingrasci, CPA

D’Marie Murray

D'Marie L. Murray, CPA

Connie Ricotta

Connie J. Ricotta, CPA


Upcoming Events

Past Event - Slides Available: 2019 Exempt Organizations Conference

2019 Exempt Organizations Conference

November 22, 2019

Join Lumsden McCormick for our 25th Annual Exempt Organizations Conference featuring local and national experts presenting on a variety of pertinent industry topics.

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WNY Business Leadership Forum: Drink Craft

WNY Business Leadership Forum: Drink Craft

December 10, 2019

Buffalo, beers, and distilleries—oh my! It’s no secret, the Beer & Distillery Industry of Western New York is booming. Find out how it relates to markets around the United States at this seminar.

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