Can I start a private foundation by myself?

Starting a private foundation is indeed possible as an individual, although assistance from others is necessary for its control and operation. Typically, one person or a married couple takes on the role of a catalyst, starting the process of forming a family foundation. However, the foundation's continuous management and decision-making authority are entrusted to a board of directors, governed by state laws, which commonly mandate a minimum of three directors at all times.

Therefore, in most cases, it becomes crucial to actively seek and enlist one or two additional individuals to join the board of directors. The importance of finding directors with a strong sense of trustworthiness cannot be emphasized enough, as they collectively wield authority over the foundation's operations. While family members are commonly favored for these roles, thanks to their shared values and inherent trust, other dependable individuals, such as family attorneys or close friends, may also be considered as viable candidates.

Collaboration and synergy among the directors is crucial for guiding and managing the foundation's activities effectively. These directors, who wield equal influence over the foundation's direction, should be carefully chosen to ensure their strong alignment with the foundation's objectives and values.

Seeking expert guidance? We're here to help!

At CPA KPA, we're passionate about magnifying the positive impact of family foundations. Feel free to reach out to us anytime at 888-402-1780 for a complimentary and obligation-free conversation. You can also conveniently submit your questions and inquiries through our contact page. Let's connect today and explore how we can help your foundation have a lasting and meaningful impact!