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

Partner
D’Marie Kleeman

D'Marie L. Kleeman, CPA

Principal
Jenna Sheehan

Jenna A. Sheehan, CPA

Principal
Amanda Wojtkowski

Amanda M. Wojtkowski, CPA

Manager

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April 2025 Buffalo Sabres Tickets Raffle

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Navigating Expiring Tax Provisions and the Current Market Landscape

Navigating Expiring Tax Provisions and the Current Market Landscape

February 12, 2025

Discover the expiring provisions of the Tax Cut and Jobs Act (TCJA) and their impact on your financial planning and tax strategies for 2025 and beyond. Plus, gain insights from our Financial Market Update.

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