By NEO Law Group
The charitable trust doctrine requires that a gift accepted by a charitable organization must only be used for the expressly declared charitable purposes of the donee corporation at the time of the acceptance, even if the corporation changes its purpose, transfers those assets or dissolves. Such restriction is imposed...
The John Hopkins Nonprofit Listening Post Project released the report "Nonprofit Governance and Accountability," by Lester M Salamon and Stephanie L. Geller, on October 11, 2005. According to the report, key findings of the Project’s survey of a nationwide sample of nonprofit organizations in five key fields (children and...
According to a new study by Professor Paul Light of New York University’s Robert F. Wagner Graduate School of Public Service, public confidence in charitable organizations remains low and has yet to rebound from the decline experienced after September 11, 2001. Of the 1,820 Americans polled: 15% said they...
I attended the Craigslist Foundation Second Annual Nonprofit Boot Camp at the Bill Graham Civic Auditorium in San Francisco yesterday. It was quite an amazing event with over 1,300 attendees, 32 workshops organized in eight separate tracks, the inspiring Rev. Cecil Williams as one of the keynote speakers, and...
Click here to view the new draft form.
QUESTION: Can a charitable organization subject to the Nonprofit Integrity Act’s requirement of an audit committee include on such committee its CEO or CFO? ANSWER: It depends (sorry about this standard lawyer’s response, but read on). California Government Code section 12586(e)(2) provides that “the member or members of the...
Click here for a press release of the reintroduction of the CARE Act form Sen. Rick Santorum. * UPDATE: Click here for Sen. Santorum’s article, It’s Time to Pass CARE (October 7, 2005). Click here for an article about the planned reintroduction of the CARE Act from OMB...
On September 23, 2005, President Bush signed into law the Katrina Emergency Tax Relief Act (KETRA), which includes the following tax breaks to encourage donors to give to hurricane-relief efforts: * Individuals will be allowed to deduct up to 100 percent of their adjusted gross income for any charitable...
In L.B. Research and Eduction Foundation v. The UCLA Foundation, 130 Cal.App. 4th 171 (June 14, 2005), the Court of Appeal held that an agreement between L.B. Research and Education Foundation ("Donor") and The UCLA Foundation ("Charity") created a contract subject to a condition subsequent (rather than a charitable...
The proposed regulations issued by the IRS on September 9, 2005, clarify (1) that a tax-exempt organization under IRC section 501(c)(3) must serve a public rather than a private interest, and (2) that that the imposition of intermediate sanctions for excess benefit transactions under IRC section 4958 does not...