More Highlights of the 2008 Western Conference on Tax Exempt Organizations:
- Games and Gaming, William C. Choi and James Cordi
- See California AG site on Raffles here
- Million Dollar Home Raffles (think about UBIT, public support, withholding, 90% rule, and internet usage issues)
- California Property Tax Exemption – A qualifying organization must be organized and operated for religious, hospital, scientific, or charitable purposes and must provide a benefit within California.
- UPMIFA replaces UMIFA, effective 1/1/09 (see comparison to UMIFA here)
- Eliminates UMIFA concept of "historic dollar value," giving charity more discretion on spending; but includes a presumption that spending above 7% of the value of the fund in one year is imprudent.
- Charity can use cy pres to modify a small ($100K or less) and old fund with notice to the Attorney General, without a court proceeding.
- Effective taxable years beginning after 12/31/08 (with some exceptions)