Foundation Source, a provider of outsourced support services for private foundations, has announced the launch of GrantSafe™, a free online service that lets private foundations quickly and easily confirm the IRS status of any public charity before making a grant. Previously reserved for Foundation Source clients, GrantSafe’s new public availability furthers the company’s mission to encourage informed and responsible philanthropy among the nation’s private foundations.
GrantSafe™ is available as a free service for those who register.
Note: IRS regulations require that private foundations verify the exempt status of any 501(c)(3) public charity before making a grant, to ensure it is in good standing with the IRS. The most accurate and comprehensive source for this information is the IRS Business Master File (BMF). While the BMF is publicly available, it is neither simple nor easy for an individual to use.
Foundations are subject to penalties up to 20% of the amount of each grant made to organizations no longer recognized by the IRS as public charities due to revocation.