A program-related investment is an arrangement by a foundation that meets the following qualifications:

  • Whose core purpose is to achieve one or more of a foundation's exempt purposes
  • That does not consider taking part in a political campaign on behalf of a candidate or influencing legislation a purpose;
  • Does not consider the appreciation of property or production of income as a significant objective

Here are some examples of program-related investments

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Loan to Small Enterprise in Deteriorated Urban Area

The ACME Manufacturing Co. is a small business operating in a under-served urban community. It is owned by a group of African American and Latino men and women. The company has approached a number...more

Extension of Loan Terms on an Existing Program Related Investment

The ACME Manufacturing Co. is a small business operating in a under-served urban community. It is owned by a group of African American and Latino men and women. The company has approached a number...more

Equity Investment in Small Business

X is a small business enterprise located in a deteriorated urban area and owned by members of an economically disadvantaged minority group. Conventional sources of funds are unwilling to provide...more

Below Market Interest Loan to Un-Disadvantaged Business Owners

X is a business enterprise which is not owned by low-income persons or minority group members, but the continued operation of X is important to the economic well-being of a deteriorated urban area...more

Below Market Rate Loan to Publicly Traded Company

X is a business enterprise which is financially secure and the stock of which is listed and traded on a national exchange. Y, a private foundation, makes a loan to X at an interest rate below the...more

Below Martket Rate Loan to Nonprofit as Seed Funding

X is a business enterprise which is owned by a nonprofit community development corporation. When fully operational, X will market agricultural products, thereby providing a marketing outlet for...more

Something that's Not a Program Related Investment

X, a private foundation, invests $100,000 in the common stock of corporation M. The dividends received from such investment are later applied by X in furtherance of its exempt purposes. Although...more

Changes in Performance of a PRI and Implications

S, a private foundation, makes an investment in T, a business corporation, which qualifies as a program-related investment under section 4944(c) at the time that it is made. All of T's voting stock...more

Loans to Individuals to Attend College

X is a socially and economically disadvantaged individual. Y, a private foundation, makes an interest-free loan to X for the primary purpose of enabling X to attend college. The loan has no...more

Support for Low-Income Housing

Y, a private foundation, makes a high-risk investment in low-income housing, the indebtedness with respect to which is insured by the Federal Housing Administration. Y's primary purpose in making...more




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