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. December 1997 7.2% January 1998 7.2% February 6.8% March 6.8% April 6.8% May 6.8%…
Status and recent results of drives for endowments, capital improvements, and other needs Started or announced To conclude Goal Amount raised Purpose Bradley U. (Ill.) May 1994 May 1998 100,000,000 127,400,398 For endowment, capital needs, and operations Catawba College (N.C.) Oct. 1998 May 2002…
William Aramony vs. United Way of America
DOCUMENT The full text of a federal district judge’s ruling that William Aramony, former president of United Way of America, is entitled to a portion of his pension. (Posted November 2, 1998) UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK WILLIAM ARAMONY,
Community Foundations’ Gifts, Grants, and Assets in 1997
Also see: Increase in Gifts to Community Foundations Falls Short of Past Years’ Gains Market Value of Assets | Grants Paid | Gifts Received
Revenue Service Says Charity Owes Taxes on Income
The I.R.S. has ruled that a charity owes unrelated-business income tax on some of the revenue it receives from those who rent its fairgrounds property. Non-profit groups must pay the tax, known as UBIT, on commercial operations not related to their tax-exempt purposes. The ruling shows how the…
By GRANT WILLIAMS
Contributor
IRS Reports 15% Rise in Charitable Deductions
Revised statistics released by the I.R.S. show that the deductions Americans claimed for charitable contributions rose from $74.9-billion in 1995 to an estimated $86.2-billion in 1996, an increase of nearly 15 per cent. Earlier this year, the I.R.S. released preliminary figures that showed a…
By GRANT WILLIAMS
Contributor
Electronic Filing of Forms Still Years Away, IRS Says
The Internal Revenue Service is making plans to allow non-profit organizations to file their informational tax returns -- Forms 990 and 990-PF -- electronically. Terry Lutes, the revenue service’s director of Electronic Programming Operations, said that charities have a few years to warm up to the…
By GRANT WILLIAMS
Contributor