Generally, a charitable gift given and received for a particular specified purpose may be used for that purpose and none other. Recently, litigation arose over Princeton University's alleged misuse of an endowment associated with the Robertson Foundation, currently valued at about $900 million. The University-designated trustees of the Foundation, who...
Final 2008 Form 990 Released
The IRS has now finalized the 2008 Form 990 and Form 990-EZ information returns for tax-exempt organizations. As noted in previous posts, the Form 990 has not undergone major revisions in almost 30 years. According to IRS Commissioner Doug Shulman, "he revised form will give the IRS and the...
The Art of the Turnaround
Michael Kaiser's book The Art of the Turnaround: Creating and Maintaining Healthy Arts Organizations lists 10 basic rules to be followed in every turnaround: Someone must lead. The leader must have a plan. You cannot save your way to health. Focus on today and tomorrow, not yesterday. Extend your programming...
Nonprofits and the Zone of Insolvency – Part Two
Earlier this fall, I wrote a post about Ron Mattocks' book: Zone of Insolvency: How Nonprofits Avoid Hidden Liabilities and Build Financial Strength. Here are some questions and answers from the media kit associated with the book: What are three steps on (sic) organization must take immediately upon realizing they've...
ABC’s for Exempt Organizations – from the IRS
The IRS article “ABC’s for Exempt Organizations” features links that a founder or manager of a new organization may find helpful on subjects including: Life Cycle of an Exempt Organization: Helpful information about points of intersection between tax-exempt organizations and the IRS, including access to explanatory information and forms that...
990’s for Real People – Presented by Eve Borenstein
I had the pleasure to attend a day-long Alliance for Justice program last week on the new Form 990 presented by Eve Borenstein, a highly respected exempt organizations attorney who I consider the go-to person on this subject. Here are some of the highlights of the introductory portion of the program:...
IRS Exempt Organizations Division 2009 Work Plan
Improved Service to Achieve Voluntary Compliance Preparing and Helping to File the Form 990 (speeches, workshops, tax forums) Form 990-N (e-Postcard) Guidance (including proposed regulations on (i) new requirements for supporting organizations, and (ii) excise taxes on donor advised funds; and final regulations on excise taxes on prohibited tax shelter...
Highlights of the 2008 Western Conference on Tax Exempt Organizations (Part Three)
More Highlights of the Conference: Peter Karoff (Chairman, Founder of The Philanthropic Initiative), Catechism for a Great Foundation Bruce Hopkins, Current Development Affecting Exempt Organizations (N.B. It's always a treat to hear Mr. Hopkins' rundown of current developments.) Private benefit: IRS ruled that a board of directors consisting of...
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...
Bay Area Philanthropist Bill Somerville Featured in SF Chronicle
Bill Somerville, President and Founder of Philanthropic Ventures Foundation, was featured in today’s San Francisco Chronicle (“Philanthropist Goes His Own Way to Find Causes“). I reviewed Somerville’s book Grassroots Philanthropy: Field Notes of a Maverick Grantmaker in a post earlier this year. The article identifies Somerville as “uite possibly the Bay Area’s fastest...
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