By NEO Law Group
Satisfaction of one of the public support tests under Section 509(a) of the Internal Revenue Code is one way that an organization can qualify as a public charity rather than a private foundation. There are two types of public support tests under Section 509(a)(1) for organizations seeking public charity status under this Section – the […]
Today, more than ever, the public and government agencies are demanding nonprofits to be transparent. But concerns about having a realistic picture of internal operations, where money is going, and the effectiveness of the programs are countered by concerns of overburdened staff, increased administrative costs, and an invitation to singled-out and damaging criticism. Transparency is […]
We love reading end-of-the-year Top 10 lists. So, we thought it might be fun and hopefully thought-provoking to publish a Top 10 list of the events of the decade affecting the nonprofit sector. Please add your additions in the comments. And have a happy holiday season! Here's our list (in chronological order): September 11 Terrorist […]
I attended the 2009 WCTEO in Los Angeles last Thursday and Friday. It’s always a great conference for professionals in the nonprofit and tax-exempt sector: impressive and knowledgeable speakers, interesting topics, and a chance to meet with peers and people you greatly admire. My only and very minor criticism is that the scope […]
I tweeted day one of the 2009 Georgetown Representing & Managing Tax-Exempt Organizations Conference today. The absence of wireless access in the Hyatt conference rooms prevented live tweeting, but I posted the following tweets during breaks and in the evening: IRS Director, Exempt Organizations, Lois Lerner, noted an increase in EO applications this year – […]
While charitable organizations are permitted to arrange executive compensation agreements, "unreasonable" compensation to a disqualified person will be considered an excess benefit, subjecting the disqualified person and members of management who approved the transaction to penalties under section 4958 of the Internal Revenue Code known as "intermediate sanctions." The IRS uses the term "disqualified person" […]
On October 3, 2008, the IRS released Notice 2008-90, announcing that the IRS and the Treasury Department are studying the computation of the deductible amount and adjustment to cost of goods sold for charitable contributions of inventory property that constitute qualified contributions as defined in § 170(e)(3)(A) of the Internal Revenue Code. The Notice provides: […]
The Council on Foundations Annual Conference included a session entitled The Latest from Washington: Legislative and Regulatory Update, featuring Steve Gunderson, President and CEO, Council on Foundations; and Diana Aviv, President and CEO, Independent Sector. Here are just a few of the illuminating observations made: Senator Max Baucus, Chairman of the Senate Finance Committee, and […]
Council on Foundations Vice President and General Counsel Janne Gallagher provided an update on supporting organizations after the Pension Protection Act of 2006 (the "PPA"). As a result of the PPA, private foundations and sponsoring organizations of donor-advised funds must determine: (1) whether a charity to which they are making a grant is a "supporting […]
The Advanced Legal Seminar given at the Council on Foundations Conference featured Lisa Johnsen of Kirkpatrick & Lockhart Preston Gates Ellis; Marcus Owens of Caplin & Drysdale and former head of the Exempt Organizations division of the IRS; LaVerne Woods of Davis Wright & Tremaine and Chair of the American Bar Association Section of Taxation […]