No part of the earnings [of the exempt organization] inures to the benefit of any private shareholder or individual….”
Sounds good so far.
This is common. You can still establish an independent Board.
Big oversight. The dissolution clause means that - upon dissolution - all remaining assets go to another charity. To say it differently, remaining assets cannot return to you or your spouse.
Not an issue. I suspect many foundations begin this way.
You are stepping a bit close to the third rail with this one.