By NEO Law Group
A Section 501(c)(3) exempt organization is presumed to be a private foundation unless it qualifies as a public charity. The distinction between the private foundation and public charity classification may be critical for organizational leaders to understand, as public charity status is generally far more advantageous when there is a choice. Since private foundations are […]
On September 15, 2015, the IRS released Notice 2015-62, Investments Made for Charitable Purposes, which may provide comfort to private foundations about making mission-related investments with reasonable business care without violating the jeopardizing investments laws. It is hoped that this guidance will catalyze greater impact investing by foundations using their endowment assets. Mission-Related Investments While a mission-related investment […]
Certified Pubic Accounting Firm Clark Nuber will be hosting a webinar on 2021 Private Foundation Basics on Tuesday, July 27, from 9 a.m. to 1 p.m. PDT. You can register on Eventbrite (cost: $100; CPE: 4 technical credits). This seminar is a great opportunity to learn about the fundamentals of private foundations, answer the common […]
The Supreme Court of the United States ruled on July 1 that California could not mandate the disclosure of major donors by charities to the State even though such disclosure is already required to be made to the Internal Revenue Service (IRS). The 6-3 decision in Americans for Prosperity Foundation v. Bonta, Attorney General of […]
Thanks to our friends at Perlman+Perlman for providing us with permission to re-publish this important post on private benefit issues raised by nonprofit/for-profit tandem structures by one of its partners, Allen Bromberger, whose bio we include at the end of the post. One of the basic principles of tax-exempt law is that charitable and educational […]
Inspired by recent news stories Fred D’Up inherited a sizable amount of money, which he used to grow a business empire filled with plenty of successes and failures (including multiple business bankruptcies). Regardless of whether his businesses were doing well or not, Fred felt compelled to develop his image as a rich, powerful celebrity, and he was very […]
We recently added a post to the blog about private foundations and the rules that they are subject to. Of the private foundation rules, those regarding self-dealing are some of the most complex and have some of the most serious potential ramifications for a private foundation if violated. In this post, we’ll take a closer […]
As stated in our earlier post What Is A Donor Advised Fund?, donor advised funds (DAFs) are subject to several private foundation-like rules that sponsoring organizations may not ordinarily be subject to as public charities. These rules are meant to curb abuses and create more transparency within the DAF community. Prohibited actions include providing personal […]
A few weeks ago, the Board of Directors of Pearson Charitable Foundation, the Section 501(c)(3) organization affiliated with the educational publishing company Pearson PLC, announced that it will be closing the Foundation at the end of the year after a decade of operations. According to the Foundation’s website, the decision to close the Foundation comes […]
Highlights from the morning sessions of Day Two of the 2013 Private Foundation National Conference in Seattle below. BREAKING NEWS: Greg Colvin's Committee housed within Public Citizen drafted a proposal on clarifying IRS rules on political intervention. See Bright Lines Project (just published yesterday). Direct Charitable Activities – Jody Blazek and Jane Searing A […]
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