Highlights of the 2008 Western Conference on Tax Exempt Organizations (Part Two)

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 Compliance, James Cordi and Dwayne M. Horii
    • 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.
  • 403(b) Final Regulations, Robert J. Architect
    •  Effective taxable years beginning after 12/31/08 (with some exceptions)
  • Latest Techniques in Charitable Giving, Erik Dryburgh and Christopher Hoyt