TY 2016 GeneralExplanationAttachment
Name:
WELLSPRING PHILANTHROPIC FUND INC
| Identifier |
Return Reference |
Explanation |
| DISTRIBUTIONS TO DONOR ADVISED FUNDS |
FORM 990PF, PART VII-A, LINE 12 |
CERTAIN GRANTS AND CONTRIBUTIONS ITEMIZED ON PART XV, LINE 3A CONSTITUTED DISTRIBUTIONS TO DONOR ADVISED FUNDS OVER WHICH THE FOUNDATION OR A DISQUALIFIED PERSON HAD ADVISORY PRIVILEGES, AND THE FOUNDATION TREATED ALL SUCH DISTRIBUTIONS AS QUALIFYING DISTRIBUTIONS. THESE DISTRIBUTIONS WILL IN ALL CIRCUMSTANCES BE USED TO ACCOMPLISH A PURPOSE DESCRIBED IN SECTION 170(C)(2)(B) OF THE INTERNAL REVENUE CODE BECAUSE THE WRITTEN OPERATING GUIDELINES OF THE SPONSORING ORGANIZATIONS ADMINISTERING THE DONOR ADVISED FUNDS WHICH RECEIVED SUCH DISTRIBUTIONS STRICTLY LIMIT THE CLASS OF ELIGIBLE DONEES THAT MAY RECEIVE GRANTS OR CONTRIBUTIONS THAT THEMSELVES MUST USE THE FUNDS IN QUESTION FOR CHARITABLE PURPOSES THAT WILL CLEARLY FIT WITHIN THE CATEGORY OF ACTIVITIES DESCRIBED IN SECTION 170(C)(2)(B). MOREOVER, EACH SUCH SPONSORING ORGANIZATION STRICTLY MONITORS ALL DISTRIBUTIONS RECOMMENDED BY ANY ADVISOR TO BE CERTAIN THEY COMPLY WITH SUCH REQUIREMENT. |