How Company Foundations Can Ensure They Comply With Federal Laws

Corporate Giving and the Law: Steering Clear of Trouble, by John A. Edie, is based on the premise that the typical corporate-giving officer has a lot to learn about the Internal Revenue Code, much of which is not easy to grasp. This guide gives basic information and brief explanations of the IRS’s rules as they apply to foundations created by companies, then focuses on specific problems those foundations might face. The guide’s author, John A. Edie, senior vice president and general counsel at the Council on Foundations, in Washington, says there are “more hazards lying in wait” for company foundations because, like all other private foundations, they must adhere to a stricter set of rules in the tax code than do giving programs that are run directly by companies. This third edition, which has been updated to take into account recent changes in the law and regulations, includes chapters laid out in question-and-answer format that explain rules for charitable deductions, self-dealing, and state and federal requirements, including penalties for noncompliance.

Publisher: Council on Foundations, 1828 L Street, N.W., Washington, D.C. 20036-5168; (202) 466-6512; fax (202) 785-3926; http://www.cof.org; 49 pages; $25 for members, $45 for nonmembers.