How to Transition Your Private Foundation
Distribute assets to a public charity
The easiest way to terminate your private foundation is to distribute its net assets to one or more public charities that have been in existence for at least five years — The T. Rowe Price Program for Charitable Giving,SM meets the qualification for a foundation transfer. All expenses should be paid prior to final distribution.
File final tax returns
File a final Form 990-PF (and related state filings) informing the IRS that the foundation has transferred all of its assets to the Program for Charitable Giving. (Additional information is available on the IRS Web site.)
Fulfill additional state requirements
The foundation will also need to follow dissolution procedures in the state where the foundation operates. The process of liquidating a private foundation varies from state to state and depends on how the private foundation is established — as a corporation or a trust.
