Nonprofit Law: Helping You Bring Your Vision to Life
Your name and legacy can live forever through an organization that serves a cause near and dear to your heart. Unfortunately, the complexities of nonprofit law deter many people from setting one up. Do I file Form 990 or Form 990-PF with the IRS each year? What's a 501(c)3 exemption letter, and how do I get one? What financial and operational information do I need to make public to donors, grantees and regulators?
The McLawhorn Firm can help. We'll counsel you on the formation of your nonprofit, the forms you'll need to file and what you legally need to disclose. We'll also help you and your board of directors fully understand the legal and fiduciary level of responsibility you're taking on and minimize your exposure to potential claims.
Where do you begin? The McLawhorn Firm can advise you on the most suitable vehicle for your charitable goals.
Foundations, Endowments, Trusts and More
Budding philanthropists have a wide range of organizational types to choose from, tailored to meet the gamut of situations and goals. Some common ones include:
- Foundations: If you want to use your wealth to award grants for scientific, educational, cultural, religious or other charitable purposes, a foundation structure might be right for you. Private foundations derive their money from a family, an individual or a corporation. A public foundation, or grant making public charity, draws from diverse sources of support: foundations, individuals, government agencies and others.
- Endowments: Often seen funding a specific area of interest (e.g. "cancer research") at a hospital, college or university, an endowment requires that the principal remain intact in perpetuity, for a defined period of time or until sufficient assets have been accumulated to achieve a designated purpose. The advantage is stability-protection from the financial ups and downs that frequently hinder fledgling nonprofits.
- Preservation trusts: This kind of nonprofit organization channels your wealth and assets towards maintaining a beloved architectural or natural landmark. If you have a family home, farm or favorite lake or river you'd like to protect in your family's name, this may be an option to explore.
The sooner you start planning, the sooner you can put your wealth and assets to work towards the greater good. Call The McLawhorn Firm today for a consultation. 202-449-9697
