Private Foundation Bookkeeping

Empower  Your Foundation with Expert Financial Management

At CPA KPA, we understand that managing the financial records of a private foundation can be a daunting task. We recognize that foundation leaders are passionate about making a difference in the world, and their expertise lies in their mission, not necessarily in accounting. That's where we come in.

Our dedicated team specializes in providing comprehensive bookkeeping and accounting solutions tailored specifically for private foundations. We are committed to streamlining your financial processes, ensuring accuracy, and alleviating the burden of complex accounting rules. With our support, you can focus wholeheartedly on driving positive change while we take care of the books.

"A man's true wealth is the good he does in the world" ~ Kahlil Gibran
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A woman's hand holding a globe with care

How It Works

One-on-One Expert Support

At CPA KPA, we believe in providing personalized support tailored to your specific needs. That's why we match you with a dedicated US-based expert bookkeeper who will work closely with you to maintain perfect books. Your bookkeeper will take care of you by importing bank statements, categorizing transactions, and updating financial statements on a monthly basis. And for those complex questions that may arise, rest assured that your bookkeeper has the backing of our knowledgeable in-house research team. With just a quick phone call or email, you'll have access to the answers and guidance you need.

Accurate & Timely Financial Reporting

With our bookkeeping service, you can trust that your financial records will be accurate and up-to-date. We provide you with quarterly financial statements, including an income statement, balance sheet, and cash flow statement, to keep you in full control of your foundation's financial health. Your bookkeeper diligently reconciles your bank account every month, ensuring that it aligns with your foundation's cash balance. Plus, your bookkeeper serves as your trusted advisor, helping you effectively manage your private foundation and ensuring everything runs smoothly. Say goodbye to feeling in the dark about your finances – we'll keep you well-informed every step of the way.

QuickBooks Online Software

Our firm primarily works with QuickBooks Online, the leading cloud-based accounting platform. QuickBooks Online provides secure, 24/7 access to your books and record from anywhere you have an internet connection. Synchronize with your bank account, write and print checks, create customizable reports…it’s all there. However, if your foundation prefers a different accounting software, we are still happy to help you.

We understand the importance of using reliable and efficient accounting software to support your foundation's financial management. That's why we offer expertise in QuickBooks Online, a widely trusted cloud-based accounting platform. With QuickBooks Online, you'll have secure, 24/7 access to your books and records from anywhere with an internet connection. The platform provides a range of powerful features, including bank account synchronization, check writing and printing, customizable reporting, and more. However, if your foundation prefers a different accounting software, we are flexible and can accommodate your needs accordingly. Our focus is on providing you with the best tools and solutions to streamline your financial processes and support the success of your foundation.

Customized Services Include

At CPA KPA, we go above and beyond to provide specialized services that cater to the specific requirements of your foundation. Our team is dedicated to ensuring your foundation's financial management is seamless and efficient. In addition to our comprehensive foundation accounting services, we offer the following tailored solutions:

Audit preparation & support

Grant & restricted fund tracking

Payroll service & coordination

Budget creation

Online bill pay

1099 filing

Revenue & expense allocation

Custom requests

We proudly serve

Private Foundations

Grant-making Foundations

Independent Foundations

Family Foundations

Operating Foundations

Corporate Foundations

Charitable Foundations

Non-Operating Foundations

Startup Foundations

Kyle's services have been invaluable to our foundation.

His deep understanding and expertise have made even the most complex tax processes simple and easy to understand. He is very easy to work with offering quick turnarounds and ongoing support.

Angel Veltichkov
Angel Velitchkov
President, St. Nicholas Foundation

Interested in our Foundation Tax or Private Client Tax Services?

Our team is dedicated to providing top-notch tax support tailored to the unique needs of private foundations and high net-worth individuals. Whether you require assistance with private foundation tax returns (Form 990-PF) or personalized income tax planning, we have the expertise to ensure your financial success. Trust us to handle your tax matters with precision and efficiency, allowing you to focus on what truly matters to you.

Private Client Tax Solutions

You might be wondering

What is a private foundation?

Read Here

What are the benefits of a private foundation?

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What is the 5% rule for private foundations?

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Frequently Asked Questions

  • 1. What is Form 990-PF?

    Form 990-PF is the federal tax return that must be filed by every organization formally classified as a private foundation. The IRS requires private foundations to file Form 990-PF to report their activities to the federal government. Private foundations use Form 990-PF to provide public disclosure of their financial information and activities, and to complete a number of required calculations and disclosures.

  • 2. What information is included on a private foundation tax return?

      A private foundation tax return includes the disclosure of financial information such as revenues, expenses, and charitable distributions. It also includes a calculation of the excise tax on net investment income as well as a computation of required annual distributions. Additionally, the form is used to disclose a substantial amount of background information including the fair market value of all assets, information on trustees, officers, and key employees, a complete list of grants awarded including dollar amounts, and various other declarations about activities and compliance with the law.

  • 3. How often must private foundations file a tax return?

    Private foundations must file a tax return with the IRS on form 990-PF every year.

  • 4. What are private foundation excise taxes?

    The other five private foundation excise taxes are less common and are generally inapplicable unless a private foundation engages in certain prohibited acts. The prohibited acts include: (1) excise taxes on self-dealing between private foundations and their disqualified persons; (2) excise taxes for failing to annually distribute approximately 5% of assets for charitable purposes; (3) excise taxes on excess business holdings; (4) excise taxes on jeopardizing investments; and (5) excise taxes on expenditures that do not relate to a private foundation’s charitable purpose.

  • 5. What is the current rate for the excise tax levied on private foundation investment income?

    The current rate for the excise tax levied on private foundation investment income is 1.39%.

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