Closing a Foundation
The responsibilities of running a foundation are nothing to shake a stick at. While some foundations are designed to spend down their endowments, others end up closing for different reasons. One client came to BK for assistance dissolving their foundation because, after 5 years of running it, they just didn’t want to hassle with it any longer. And who can blame them? If it were easy, we wouldn’t have a business.
Bob Kelly and team worked with the foundation’s board to develop and implement a phase-out program. BK helped make the final grants, then filed the appropriate paperwork with the IRS, attorney general and creditors to ensure the foundation was closed properly. The BK team recommended options for how the board could handle remaining assets, ultimately placing them in donor-advised funds at a different foundation.
With BK’s guidance, the founders were able to continue their philanthropic giving in a more sustainable manner that worked for their lifestyle. It just shows there’s no wrong way to leave a legacy – what matters is the good you do in your community.