Private Foundations in the Banking Industry

Many banks consider setting up private foundations because of the advantages they can provide. Private foundations can provide key PR benefits, help improve a bank’s standing in the community, provide an opportunity for members of the community to serve in a board role, and can control timing of charitable contributions.In this episode of Issues of Interest, BNN tax principals Adam Aucoin and Nick Porto discuss the intricacies of setting up and managing private foundations for banks. They talk through potential benefits, highlight potential pitfalls, and provide practical advice for avoiding common mistakes.Here at Issues of Interest, we help you stay current on what’s happening in the industry so you can achieve success for your institution. We cover assurance, tax, business advisory, and technology topics and trends affecting the industry. Subscribe today to receive news and developments directly in your inbox.