Did anyone notice that the IRS revoked the tax-exempt status for approximately 275,000 charitable organizations a few weeks ago? I didn’t pay attention until a client alerted me to it and asked a good question: What should a private foundation do if they have grantees who lost their exempt status? For prior grants? For multi-year...
Just for a laugh, in case you missed this one: Maltese “Trouble” Helmsley, passed away at the age of 12 (84 in dog years). http://blogs.forbes.com/meghancasserly/2011/06/09/leona-helmsley-trouble-millionaire-pup-dead/ Lots of coverage on this one from the top news sources. My only comment is that I don’t think a dog can really own anything under the law but a...
For those who have followed the very interesting story of Huguette Clark, here is one final piece to the puzzle: her will. See the NY Times on it (http://www.nytimes.com/2011/06/23/nyregion/huguette-clark-left-wealth-for-art-charity-and-to-nurse.html) or the various other news outlets – just do a google search. After reading a few articles, I doubt family of Ms. Clark will be challenging...
If you are a New York charity struggling with NYPMIFA, here are two potential “loop holes” in the law. Apparently, the 7% presumption of imprudence (based on a minimum of a 60 month rolling quaterly average) only applies to funds established after the act was passed in Sept. 2010. What does it mean practically? Well, the new definition...
As a follow-up to my prior Lead Trust posts, here is a more practical fundraising tip that happened to me today. In looking through the most recent gifts spreadsheet, a relatively small (less than $10,000) gift showed up with the name of a lead trust as the donor. Watch for these! Without paying attention, a...