Private Foundation Myths and Mysteries

November 5, 2019

Michael Schley

Join us for learning at lunch! The term “foundation” has no legal meaning, but “private foundations” have a special place in tax law. Mr. Schley will explain what private foundations are (and are not), the types of private foundations, why each might be a desirable or undesirable charitable vehicle, and how an entity might morph from one form to another.

Mr. Schley, with the Santa Barbara firm Schley Look Guthrie & Locker LLP, has four decades of experience in corporate law. He advises charities, private foundations and other exempt organizations on corporate governance and tax matters, and has served on the California Bar’s nonprofits committee. He has helped philanthropic celebrities’ charitable ventures. He has authored or co-authored a report to Congress on the S&L crisis and articles on banking, business and tax-exempt law, and speaks on these subjects. Mr. Schley is a graduate of Hastings College of the Law (1980) and Westmont College (1977 magna cum laude).