TLG Managing Partner Jeff Tenenbaum Quoted in CEO Update Article, “Affiliated foundations can be key assets for trade groups”

TLG Managing Partner Jeff Tenenbaum was quoted in a CEO Update article entitled, “Affiliated foundations can be key assets for trade groups.” “Nonprofit attorney Jeff Tenenbaum of Tenenbaum Law Group said that while there can be legal pitfalls to a 501(c)(6) trade group, “If I was a CEO of a (c)(6) association, there’s absolutely no question that I would set up a (c)(3) related foundation if we didn’t already have one,” he said. That’s because a 501(c)(3) can receive charitable contributions, bequests and grants. “An association would be foolhardy to not form a (c)(3) foundation to take advantage of at least some of those benefits. And it’s not that burdensome to set up and operate,” Tenenbaum said. He has a primer on the topic on his firm’s website titled “Related Foundations: Is Your Association Avoiding the Legal Pitfalls and Maximizing Its Opportunities?” Research produced by a foundation must be publicly available, Tenenbaum said. The same goes for any educational opportunities the foundation may offer. “A (c)(3), by definition, has to have primarily a public benefit and a public purpose to it,” he said.”