Correction: Private Foundation Self-Dealing

Correction will be accomplished by undoing the transaction that constituted the act of self-dealing, to the extent possible, but in no case placing the foundation in a worse financial position than that in which it would have been had the disqualified person acted under the highest fiduciary standards.  For example, when a disqualified person sells property to a private foundation for cash, correction may be accomplished by recasting the transaction in the form of a gift by returning the cash to the foundation.

The following articles give examples of minimum standards of correction in the case of certain specific acts of self-dealing.  Use similar principles and apply them to other acts of self-dealing.  Any correction under these standards is not an act of self-dealing.

 


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