Disqualified Person

Substantial contributors to a private foundation, foundation managers, certain public officials, family members of disqualified persons and corporations and partnerships in which disqualified persons hold significant interests. The law bars most financial transactions between disqualified persons and foundations.

member of the family includes any spouse, ancestors, children, grandchildren, great grand­children, and spouses of children, grandchild­ren, and great grandchildren.  A brother or sister of an individual is not a member of the family for this purpose.  A legally adopted child of an indi­vidual will be treated as a child by blood. (See Internal Revenue Code § 4946)

« Back to Glossary Index