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

• Audits, reviews, and compilations of financial statements
• Accounting systems, policies, and procedures
• Internal audits
• Operations (efficiency) and internal control audits

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

• Alternative investments
• Bonding and other financing
• For-profit subsidiary corporations
• Forensic accounting and investigations 
• Institutional investing
• Rate reimbursement

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