In exchange for their public service, charitable organizations may be rewarded at the state and federal level through property tax exemptions and income tax exemptions respectively. However, with lower tax revenues and the increasing disproportion between donations and commercial sources that make up a charity’s earned income, charities are...
CURRENT AFFAIRS & OPINION
Coto Drops AB 624 in Compromise with 10 California Foundations
Assemblyman Joe Coto (D – San Jose) agreed to drop his sponsorship of AB 624, legislation that would have required California’s largest foundations to disclose data about the diversity of their boards and grantees, in a compromise with ten of California’s largest foundations that have pledged to make a...
California Supreme Court Decision Allows Same-Sex Marriage
On May 15, 2008, the California Supreme Court overturned a state law that limited marriage to only opposite-sex couples. The majority opinion, written by Chief Justice Ronald George, stated: In light of the fundamental nature of the substantive rights embodied in the right to marry – and their central...
AB 624 – PRE Critical Issues Forum
The Philanthropic Initiative for Racial Equity (PRE) published Critical Issues Forum – Measuring What We Value in April 2008. The Forum was prompted by California Assembly Bill 624, legislation mandating the collection and disclosure by large foundations of data about their grantmaking to minority and low-income communities. In the...
California Assembly Bill 624 – Amended March 3, 2008
The controversial California Assembly Bill 624 was amended again on March 3, 2008, deleting the requirement that large private foundations (those with assets over $250 million) collect and report the following information: Business contracts awarded to businesses owned by lesbian, gay, bisexual, or transgender people. Percentage of grant dollars*...
Final 501(c)(3) and 4958 Regulations Released – Part II
The IRS released final regulations that clarify (i) the substantive requirements for tax exemption under section 501(c)(3) of the Internal Revenue Code; and (ii) the relationship between the substantive requirements for tax exemption under section 501(c)(3) and the imposition of section 4958 excise taxes on excess benefit transactions. The...
Final 501(c)(3) and 4958 Regulations Released – Part I
The IRS released final regulations that clarify (i) the substantive requirements for tax exemption under section 501(c)(3) of the Internal Revenue Code; and (ii) the relationship between the substantive requirements for tax exemption under section 501(c)(3) and the imposition of section 4958 excise taxes on excess benefit transactions. The...
Google for Non-Profits
Google launched Google for Non-Profits on March 19, 2008. As Dorothy Chou, a Google Global Communications and Public Affairs Intern, informed me, "the site features tutorials and examples of how nonprofits use Google tools to operate more effectively." The home page lists tools in two categories: Save time and...
California Assembly Bill 624 – Amended on February 12
The controversial California Assembly Bill 624 was amended on February 12, 2008 to delete the requirement that large private foundations (those with assets over $250 million) report information pertaining to the sexual orientation of its board and staff members. The amendment was passed presumably in response to the concern...
California Assembly Bill 624 – Foundation Diversity
The California Assembly passed Assembly Bill 624, introduced by Assemblyman Joe Coto (D – San Jose), on January 29, 2008. AB624 requires every private, corporate, and operating foundations with assets over $250 million to collect and publicly disclose certain ethnic, gender, and sexual orientation data pertaining to its governance,...