I HAVE A 501 C 3 PRIVATE FOUNDATION WHICH REQUIRES A 5% CONTRIBUTION TO A CHARITY. MY FOUNDATION PORTFOLIO IS VALUED ABOUT $200,000. MAY I DONATE MORE THAN 5% A YEAR?
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I HAVE A 501 C 3 PRIVATE FOUNDATION WHICH REQUIRES A 5% CONTRIBUTION TO A CHARITY. MY FOUNDATION PORTFOLIO IS VALUED ABOUT $200,000. MAY I DONATE MORE THAN 5% A YEAR?
Welcome to ExpertHelp. My name is Barbara, and I am an IRS Enrolled Agent.
If the requirement is 5%, you must donate at least that percentage. You can donate a higher percentage.
Please let me know if I can assist you further.
Thank you and best regards,
Barb
If I want, I can donate any amount from my Foundation not necessarily 5%,
That's right.
There is no penalty?
No penalty.
CAN YOU REFER ME TO THE SECTION IN THE INTERNAL REVENUE CODE?
I ALSO HANDLE A PUBLIC CHARITY WHICH CONTINUALLY CONTRIBUTES 5% BUT WOULD LIKE TO GIVE MORE.
THANK YOU
Give me a few moments.
As I mentioned, the MINIMUM annual asset distribution is 5% for private foundations.
See the following: https://www.501c3.org/public-charity-vs-private-foundation/://www.501c3.org/public-charity-vs-private-foundation/
Ryan Parker, EA
Tax Preparer
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