Arts Funding: An Update on Foundation Trends, Third Edition
By C. Quinn Hanchette
Contributor
Interest Rates for Planned Gifts
Following are the interest rates, provided by the Internal Revenue Service, for computing charitable deductions for charitable remainder trusts, gift annuities, charitable lead trusts, and some other deferred gifts. January 1998 7.2% February 6.8% March 6.8% April 6.8% May 6.8% June 7.0% July 6.8%…
Status and recent results of drives for endowments, capital improvements, and other needs Started or announced To conclude Goal Amount raised Purpose Clafin College (S.C.) Oct. 1997 April 2001 $20,000,000 $14,000,000 For endowment and capital needs Clarkson U. (N.Y.) Nov. 1998 June 2004 70,000,000…
Prison Sentence Is Upheld for Founder of New Era Fund
A federal appeals court has upheld the 12-year prison sentence given to John G. Bennett, Jr., who defrauded hundreds of charities and donors through his Foundation for New Era Philanthropy. Mr. Bennett pleaded no contest last year after he was charged with 82 counts of fraud, money laundering, and…
By GRANT WILLIAMS
Contributor
Report Criticizes Environmental Protection Agency Grants to Non-Profit Organizations
Citizens Against Government Waste, a watchdog group based in Washington, has fired its latest salvo at government spending: a report on Environmental Protection Agency grants to non-profit groups. The report, called “Phony Philanthropy: How Government Grants are Subverting the Missions of Nonprofit…
By Debra E. Blum
Contributor
Texas Group Sues to Get Religious Tax Exemption
A Texas court is being asked to decide whether the state can require organizations to proclaim a belief in a “supreme being” in order to qualify for the state’s tax exemption for religious groups. The Texas chapter of the American Civil Liberties Union believes the answer is No. In a lawsuit it…
By GRANT WILLIAMS
Contributor
Watchdog Group Urges IRS to Review Clinton Visit
Americans United for Separation of Church and State has asked the I.R.S. to investigate the New Psalmist Baptist Church in Baltimore after the church hosted what the watchdog group said appeared to be a “Democratic Party rally” during a Sunday worship service attended by President Clinton just…
By GRANT WILLIAMS
Contributor
IRS Seeks Charity Advice on Plan to Reorganize
The I.R.S. is asking for help as it restructures. Earlier this year, Commissioner of Internal Revenue Charles O. Rossotti announced plans to modernize the service, in part by consolidating much of its bureaucracy into four “operating units,” one of which will include the “tax-exempt sector” of…
By GRANT WILLIAMS
Contributor
Soaring Assets and Revenues May Invite Look by Congress
The Internal Revenue Service will soon issue a report showing that from 1975 to 1995 the assets and revenues of tax-exempt organizations tripled -- to $1.9-trillion and $899-billion respectively. “During that same 20-year period, the gross domestic product increased by 74 per cent,” said Marc…
By GRANT WILLIAMS
Contributor