Congress enacted two important changes that went into effect on August 17, 2006: Form 990-T, used to report unrelated business income tax, has been designated a public record (for 501(c)(3) organizations only). Parent organizations that control subsidiary corporations (as defined by IRC Section 512(b)(13)) have new disclosure requirements on...
CURRENT AFFAIRS & OPINION
IRS Determines NAACP Did Not Violate 501(c)(3) Prohibition Against Political Campaign Activities
On August 31, 2006, the National Association for the Advancement of Colored People (NAACP) released a statement of its receipt of a letter from the IRS informing the NAACP that the IRS had concluded its investigation of the organization’s activities with a finding that the NAACP did not violate...
The Dixie and Anne Leavitt Foundation – A Type III Supporting Organization
Health and Human Services Secretary Mike Leavitt and his relatives claimed millions of dollars in tax deductions through a type of charitable foundation they created that until recently paid out very little in actual charity, tax records show. Instead, much of the foundation’s money has been invested or lent...
President Bush Signs Into Law Pension Protection Act
President Bush signed the Pension Protection Act of 2006 into law on August 17, 2006. The Act has been discussed in previous posts. Read The Chronicle of Philanthropy article here.
Sustainable Social Enterprises
Jim Schorr*, executive director of Juma Ventures, a leading nonprofit social enterprise, wrote an editorial for the Summer 2006 edition of the Stanford Social Innovation Review entitled "Social Enterprise 2.0." The following are some of the opinions he expressed about nonprofit social enterprise ventures: The business models that have...
Federal Election Commission Released Proposed Interim Final Rule to Protect Grassroots Lobbying – August 3, 2006
The Commissioner of the Federal Election Commission, Hans van Spakovsky, proposed an Interim Final Rule exempting certain grassroots lobbying communications from advertising restrictions imposed by the 2002 Bipartisan Campaign Reform Act. The exemption would apply where, among other things, the communication (i) is directed at an incumbent in his...
New Rules Regarding Unsolicited Faxes Sent by Nonprofits
Guidestar reports that beginning August 1, 2006, nonprofit organizations sending unsolicited fax advertisements must comply with several new rules, including the following: The organization must have an existing business relationship with the recipient or express written permission from the recipient to receive unsolicited fax ads. The fax must identify...
Senate Passes Pension Bill With Charitable Incentives and Reforms
On Thursday, August 3, the Senate passed H.R. 4, the Pension Protection Act of 2006, which contains a charitable giving incentives package and a charitable reform package. The Independent Sector reports that the bill "represents the most comprehensive series of reforms to the rules governing the charitable sector since...
Charitable Incentives and Reforms Included on House Pension Bill
On July 28, 2006, the House of Representatives passed H.R. 4, the Pension Protection Act of 2006, which contains a charitable giving incentives package and a charitable reform package . The bill does not contain certain controversial Senate reform provisions such as a mandatory payout requirement for donor-advised funds...
“An Inconvenient Truth”
This is my first post recommending a movie. See "An Inconvenient Truth." Visit www.climatecrisis.net. It’s not just about global warming; it’s about the most unimaginably devastating and horrendous consequences … * to the environment,* to coastal populations,* to children,* to the poor,* to the animals,* to the plants,* to...