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
The following awards have been presented for work in philanthropy, fund raising, volunteerism, and non-profit management: Community development. The Marin Community Foundation (Larkspur, Cal.) has presented its 1998 Beryl H. Buck Awards for Achievement to Dorothy Hughes, director of the Mental…
Non-Profit Group Offers Free Data-Base Program
A data-base program aimed at helping non-profit groups keep track of activists and donors is now available free on line. “Ebase” was developed by Desktop Assistance, a non-profit group in Helena, Mont., that helps charities use technology to fulfill their missions. The program allows groups to keep…
By Paul Demko
Contributor
Internet Service Seeks Out Social-Service Information
HandsNet has created a service that scans the Internet each weekday for documents of interest to social-service organizations and delivers the information directly to subscribers by e-mail. People who sign up for WebClipper, as the service is known, choose which topics related to social services…
By Paul Demko
Contributor
Election Resource Guide Available On Line
The John and Mary R. Markle Foundation and Harvard University’s Joan Shorenstein Center on Press, Politics, and Public Policy are using the Internet to make sure that nobody has an excuse for being uninformed this Election Day. The two non-profit groups have created the Web White & Blue Web site.…
By Paul Demko
Contributor
High Court Lets Stand a Law Protecting Church Gifts
The U.S. Supreme Court has let stand a lower court’s decision that protects churches from having to pay back gifts from parishioners who later declare bankruptcy. The Court’s refusal to review the case, made without comment, was in keeping with a federal law passed in June. The new law -- the…
By Jennifer Moore
Contributor
For Foundations, a Mix of Prudence and Daring Is the Key to Investing
Any investor’s challenge is to beat inflation and make a profit, but grant-making foundations face special hurdles in choosing the right mix of assets. ALSO SEE:Hedging Their BetsComing to Terms With Alternative Investing Foundations in many cases must earn at least 9 per cent on their assets --…
By Thomas J. Billitteri
Contributor
Coming to Terms With Alternative Investing
Alternative investments come in many forms, from global hedge funds to energy partnerships. Here is a glossary of some alternative investments that are commonly used by non-profit organizations: ALSO SEE:Hedging Their BetsFor Foundations, a Mix of Prudence and Daring Is the Key to Investing…
Big foundations and universities turn to non-traditional investments When the stock market plunged in August, the John S. and James L. Knight Foundation had a cushion to break the fall. One-fifth of the foundation’s $1.2-billion endowment was invested in “hedge funds.” The funds -- which place bets…
By Thomas J. Billitteri
Contributor
Following are summaries of recent reports by the Council of Better Business Bureaus’ Philanthropic Advisory Service and the National Charities Information Bureau. Those two private organizations report on whether charities meet standards for fund raising, governance, financial management, and…
Abilities of Florida (Clearwater): Appointed Thomas C. McKone, job developer, to be coordinator of the new Enclaves Program, a welfare-to-work program for disabled people. American Association of Homes and Services for the Aging (Washington): Appointed Alan G. Rosenbloom, chief operating officer…
Tax-Shelter Penalties Could Be Applied to Charities
The I.R.S. is telling its agents that they could wield a new weapon -- federal law designed to fight the abuse of tax shelters -- against charities that provide erroneous information to donors about the deductibility of gifts that allows contributors to take bigger write-offs than they should.…
By GRANT WILLIAMS
Contributor
House Passes Tax Break for Foundation Donors
The House of Representatives has approved a tax bill that includes a key break for donors who give appreciated stock to private foundations. The bill, which contains $80-billion in tax cuts over the next five years, would make permanent a tax break for donors who want to use appreciated stock to…
By GRANT WILLIAMS
Contributor
Average Salary Increases 7% for Charity Chief Executives
Top executives at the nation’s health and education charities are earning an average of $161,600 this year -- 7 per cent more than last year, according to a new survey by the Towers Perrin management-consulting company. People who hold less senior positions are not necessarily doing as well: Among…
By DOMENICA MARCHETTI
Contributor