Disqualified Persons and the Private Foundation — Who Are They?
Article Excerpt:Certain questions on the Form 990-PF relate to transactions with “disqualified persons.” We often are asked — sometimes by board members themselves — “Who are disqualified persons?” It may be helpful to have the list below handy for easy reference and to help ensure that self-dealing does not occur.
Self-dealing transactions are described on the IRS website as they relate to the private foundation.
With respect to a private foundation, the following are referred to as “disqualified persons” with respect to certain transactions:
- an officer, director, or trustee of a foundation;
- an employee or other individual having powers or responsibilities similar to those of an officer, director or trustee;