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Abstract: 

Private foundations are typically founded, funded, and controlled by one family. There is no requirement under federal tax laws or state nonprofit laws to have outside, independent directors. Thus, a founding family may control the governance of the foundation and, if desired, require that future directors be limited to descendents of the founders. Because few families are perfect, and private foundations are often dominated by one family, the normal disagreements, conflicts, and changes in relationships that occur within families can affect the management and operations of the family’s foundation.

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Affiliations:  1: Fizer, Beck, Webster, Bentley & Scroggins, P.C..