Refunding Agreement: Private Foundation Director Compensation | Practical Law

Refunding Agreement: Private Foundation Director Compensation | Practical Law

A refunding agreement that a private foundation can use when compensating its directors for personal services under an exception to the prohibition against self-dealing transactions. It requires the directors to agree to refund the foundation if any compensation paid to them is deemed excessive by the Internal Revenue Service (IRS). This Standard Document has integrated notes with important explanations and drafting tips.

Refunding Agreement: Private Foundation Director Compensation

Practical Law Standard Document w-029-9016 (Approx. 9 pages)

Refunding Agreement: Private Foundation Director Compensation

by Practical Law Corporate & Securities
MaintainedUSA (National/Federal)
A refunding agreement that a private foundation can use when compensating its directors for personal services under an exception to the prohibition against self-dealing transactions. It requires the directors to agree to refund the foundation if any compensation paid to them is deemed excessive by the Internal Revenue Service (IRS). This Standard Document has integrated notes with important explanations and drafting tips.