Grants to
individuals must be made in accordance with procedures approved
in advance by the Internal Revenue Service. To secure such
approval, a private foundation must demonstrate in its request
for advance approval that:
No single
procedure or set of procedures is required. Procedures may vary
depending upon such factors as the size of the foundation, the
amount and purpose of the grants, and number of recipients.
Approval is based
on an evaluation of a foundation's entire system of standards,
procedures, and follow-up. Hence, separate approval for each
grant program is not required. Once obtained, such approval
applies to any subsequent grant program of the foundation if the
procedures under which it is conducted do not differ materially
from those described in the original request for approval.
DISCLAIMER: This information is not intended
to provide legal or accounting advice, or to address specific situations. Please
consult with your legal or tax advisor to supplement and verify what you learn
here.
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