Janne Gallagher, Vice President and General Counsel of Council on Foundations, gave a fascinating presentation on the developments in Washington D.C. over the past year at a luncheon meeting of the Northern California Planned Giving Council on January 10. Among the topics she discussed:
- IRA Charitable Rollover (no extenders yet)
- Senate Finance Committee Activities (Smithsonian, university endowments, television ministries, hospitals, orphan trusts)
- House Ways and Means Committee (hearings on charities, diversity, hedge fund UBIT issue)
- Treasury Study on Donor Advised Funds and Supporting Organizations (past due but not yet published)
- IRS Guidance on the Pension Protection Act and Tax Shelter Penalties
- Supporting Organizations – Advanced Notice of Proposed Rulemaking – August 2007 (Payout Requirements for Type III SOs that are not Functionally Integrated)
- IRS Compliance Initiatives (political activity, executive compensation)
- Tax-exempt Hospitals (compliance checks)
- New Form 990 (released December 20, 2007; instructions forthcoming)
- Outlook for 2008
- Legislative: Extenders (e.g., IRA Charitable Rollover) should pass but otherwise little tax legislation expected in an election year
- Regulatory: Community foundations compliance checks; more PPA guidance
Future posts will examine some of these developments in greater detail.
In closing, Janne mentioned that attendees could subscribe to an e-mail update from the Council on Foundations’ Legislative Network, a grassroots network of foundation representatives committed to educating government officials about the value of organized philanthropy.
You can learn more about the Northern California Planned Giving Council (NCPGC) here. I’m a member and can vouch for the quality of the organization’s programs and membership. The NCPGC will be holding its annual conference at The Palace Hotel in San Francisco on May 1.