Transfer a Private Foundation
Many individuals, families and corporations who run private foundations choose to simplify their lives by transferring their foundations to The San Diego Foundation.
Dissolving a foundation in order to transfer it is a relatively simple process, especially if you choose an experienced attorney who has done such work previously. The legal process typically takes 30-60 days, and, if the assets are not complicated, the legal fee ranges from $1,800 - $3,000. The Foundation has also worked with donors who have dissolved their private foundations themselves.
We are happy to provide resources and assist you as you request permission to dissolve your private foundation at the federal and state levels. At the same time, we will work together to establish your fund/foundation at The San Diego Foundation.
Here’s what you will need to decide:
- Name of your fund or foundation (for example, Ann and Bob Johnson Family Foundation)
- Define the purpose of the fund or foundation (for example, To support general charitable purposes)
- Type of the fund/foundation – choose from the following:
Endowment – a permanent family legacy fund where the principal gift is preserved in perpetuity and a portion of earnings are available for granting
Non-endowment – a non-permanent fund, similar to a charitable checking account, where the entire balance of the fund can be granted to support charitable organizations
- Select advisors of your fund or foundation (for example, a few select advisors, a committee of family members)
- Once you make the above decisions, we will draft a fund agreement for your review. Upon receiving a signed fund agreement and assets of $10,000 or more (the balance of the dissolved private foundation), the fund can be set up as quickly as 1-2 business days.
For more information on transferring a fund to The San Diego Foundation, please contact us at GivingTeam@sdfoundation.org or 619-235-2300.