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

Principal
D’Marie Murray

D'Marie L. Murray, CPA

Principal
Connie Ricotta

Connie J. Ricotta, CPA

Principal
Jenna Torella

Jenna A. Torella, CPA

Manager

Upcoming Events

Webinar Series Part V: Changes to Lease Accounting and How it Impacts Your Organization

Webinar Series Part V: Changes to Lease Accounting and How it Impacts Your Organization

July 27, 2021

The accounting for leases is changing significantly. The required implementation of FASB ASC 842 will mandate that most leases are included on the balance sheet as a right-of-use asset, with a corresponding lease liability. The new standard will impact nearly all commercial businesses and nonprofit organizations and is effective for annual reporting periods beginning after December 15, 2021.

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Webinar Series Part VI: The Pandemic and the Economy - Where Are We Now?

Webinar Series Part VI: The Pandemic and the Economy - Where Are We Now?

August 10, 2021

As everyone knows, the COVID-19 pandemic has had a global impact beyond health and safety concerns.  With millions of Americans vaccinated, where does the economy stand and what can be expected across the Upstate region, New York State, the United States, and Canada?

Learn More
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