Friday, March 30, 2007
courant.com | Mood Tense Over Ethics
courant.com | Mood Tense Over Ethics: "Slossberg is proposing a new layer of judicial review and other restrictions in response to a decision by the Citizens Ethics Advisory Board that, for a time, barred charitable gifts to state universities."
Thursday, March 29, 2007
News Release - GASB Proposes Standards for Reporting Land and Other Real Estate Held as Investments
News Release - GASB Proposes Standards for Reporting Land and Other Real Estate Held as Investments: "NEWS RELEASE 03/23/07
GASB Proposes Standards for Reporting Land and Other Real Estate Held as Investments
Norwalk, CT, March 23, 2007—The Governmental Accounting Standards Board (GASB) today issued a proposal related to the reporting of land and other real estate investments by endowments. Current accounting standards require endowments to report those investments at historical cost, although other entities that exist for the purpose of generating income—such as pension plans—report them at their fair value."
GASB Proposes Standards for Reporting Land and Other Real Estate Held as Investments
Norwalk, CT, March 23, 2007—The Governmental Accounting Standards Board (GASB) today issued a proposal related to the reporting of land and other real estate investments by endowments. Current accounting standards require endowments to report those investments at historical cost, although other entities that exist for the purpose of generating income—such as pension plans—report them at their fair value."
Seven Days: Leahy Bill Would Give Artists Full Value for Donations
Seven Days: Leahy Bill Would Give Artists Full Value for Donations: "Leahy Bill Would Give Artists Full Value for Donations
ART (03.28.07)
SEN. PATRICK LEAHY
It’s been a grim decade for arts funding, between federal and state cuts to arts organizations and a precipitous dip in private philanthropic donations. In an era of heartrending disasters from tsunamis, earthquakes and hurricanes, giving money to artists and other traditional nonprofits has perhaps been considered secondary."
ART (03.28.07)
SEN. PATRICK LEAHY
It’s been a grim decade for arts funding, between federal and state cuts to arts organizations and a precipitous dip in private philanthropic donations. In an era of heartrending disasters from tsunamis, earthquakes and hurricanes, giving money to artists and other traditional nonprofits has perhaps been considered secondary."
Wednesday, March 28, 2007
American Chronicle: “Giving is not keeping!”: Sen. Grassley declares war on art donation tax dodge
American Chronicle: “Giving is not keeping!”: Sen. Grassley declares war on art donation tax dodge: "Grassley is tight as bark on a tree and Iowans respect that. But now the man known as the patron saint of whistle blowers and the most underestimated man in Washington was recently given a new title by the New York Times– “the man museums love to hate”.
It seems Grassley’s spied something through his green eyeshade that didn’t add up. Art collectors, using something known as “fractional giving” were donating major works of art over the course of several years, allowing them to spread out tax write-offs and benefit from any appreciation in the pieces–all while retaining them until they’ve exhausted the tax advantage. As it was intended, fractional giving let donors give, for example, 25 percent of a work, keep it in their possession nine months of the year and let the museum display it for three months. But transporting priceless works of art was hazardous and costly so many institutions waved their right to display the pieces until they eventually owned them outright. But this didn’t sit well with the Iowa senator."
It seems Grassley’s spied something through his green eyeshade that didn’t add up. Art collectors, using something known as “fractional giving” were donating major works of art over the course of several years, allowing them to spread out tax write-offs and benefit from any appreciation in the pieces–all while retaining them until they’ve exhausted the tax advantage. As it was intended, fractional giving let donors give, for example, 25 percent of a work, keep it in their possession nine months of the year and let the museum display it for three months. But transporting priceless works of art was hazardous and costly so many institutions waved their right to display the pieces until they eventually owned them outright. But this didn’t sit well with the Iowa senator."
Tuesday, March 27, 2007
Nonprofits should resist lure of slot machines
Nonprofits should resist lure of slot machines: "There are so many things wrong with a bill to allow nonprofit organizations to offer slot machine gambling that we hardly know where to start.
LD 890 would allow any nonprofit group that is already licensed for beano games to also operate five slot machines. The bill's proponents -- which include fraternal organizations such as the Elks and the American Legion -- say that racino gambling in Bangor at Hollywood Slots has cut traditional Bingo revenues by hundreds of thousands of dollars, and the only way to maintain their ability to raise money for charitable activities is by competing with Hollywood Slots. Five slot machines at a time."
LD 890 would allow any nonprofit group that is already licensed for beano games to also operate five slot machines. The bill's proponents -- which include fraternal organizations such as the Elks and the American Legion -- say that racino gambling in Bangor at Hollywood Slots has cut traditional Bingo revenues by hundreds of thousands of dollars, and the only way to maintain their ability to raise money for charitable activities is by competing with Hollywood Slots. Five slot machines at a time."
Tags:
Monday, March 26, 2007
Nonprofit head believes Dems will be easier on tax-exempts
Nonprofit head believes Dems will be easier on tax-exempts: "Nonprofit head believes Dems will be easier on tax-exempts
Saturday, March 24, 2007
By Dan Fitzpatrick, Pittsburgh Post-Gazette
National nonprofit leader Diana Aviv does not believe Democrats will go after tax-exempt organizations the way Republicans did while in control of Congress.
Large-scale reform of charities and foundations 'is not a priority' of the new Democratic majority, the chief executive officer of Washington, D.C.-based Independent Sector said yesterday at Downtown nonprofit symposium hosted by local nonprofit consulting firm Dewey & Kaye. Her group, which represents 575 nonprofit organizations across the United States, is chaired by The Pittsburgh Foundation's Bill Trueheart."
Saturday, March 24, 2007
By Dan Fitzpatrick, Pittsburgh Post-Gazette
National nonprofit leader Diana Aviv does not believe Democrats will go after tax-exempt organizations the way Republicans did while in control of Congress.
Large-scale reform of charities and foundations 'is not a priority' of the new Democratic majority, the chief executive officer of Washington, D.C.-based Independent Sector said yesterday at Downtown nonprofit symposium hosted by local nonprofit consulting firm Dewey & Kaye. Her group, which represents 575 nonprofit organizations across the United States, is chaired by The Pittsburgh Foundation's Bill Trueheart."
Michigan may tax wealthy estates
Michigan may tax wealthy estates: "Michigan may tax wealthy estates
Affecting few, idea could be easier to sell
March 25, 2007
BY KATHLEEN GRAY
FREE PRESS STAFF WRITER
Gov. Jennifer Granholm's idea for a 2% tax on most services might be dead, but her proposal to impose a stiff tax on the estates of wealthy Michiganders is alive.
The tax between 8% and 16% on estates worth more than $2 million -- estimated at about 350 each year in Michigan -- is among Granholm's proposals to balance the state budget. It would generate $119 million in revenues for the 2007-08 fiscal year that begins Oct. 1 and more than $130 million in subsequent years."
Affecting few, idea could be easier to sell
March 25, 2007
BY KATHLEEN GRAY
FREE PRESS STAFF WRITER
Gov. Jennifer Granholm's idea for a 2% tax on most services might be dead, but her proposal to impose a stiff tax on the estates of wealthy Michiganders is alive.
The tax between 8% and 16% on estates worth more than $2 million -- estimated at about 350 each year in Michigan -- is among Granholm's proposals to balance the state budget. It would generate $119 million in revenues for the 2007-08 fiscal year that begins Oct. 1 and more than $130 million in subsequent years."
Friday, March 23, 2007
Bill to ease charitable giving heads to governor - Boston.com
Bill to ease charitable giving heads to governor - Boston.com: "March 22, 2007
PROVIDENCE, R.I. --A bill making it easier for part-time residents to make charitable donations heads to Gov. Carcieri.
Article Tools
House lawmakers passed the bill today unanimously. It was previously adopted by the state Senate.
The bill blocks Rhode Island tax authorities from considering a person's charitable donations when deciding where he lives -- and where he should pay taxes"
PROVIDENCE, R.I. --A bill making it easier for part-time residents to make charitable donations heads to Gov. Carcieri.
Article Tools
House lawmakers passed the bill today unanimously. It was previously adopted by the state Senate.
The bill blocks Rhode Island tax authorities from considering a person's charitable donations when deciding where he lives -- and where he should pay taxes"
Monday, March 19, 2007
The Daily Times - www.delmarvanow.com - Salisbury, Md.-"Gaming permit changes alarm charities
The Daily Times - www.delmarvanow.com - Salisbury, Md.: "Gaming permit changes alarm charities
By Beth Ward
Staff Writer
OCEAN CITY -- Worcester County organizations may have a harder time raising funds with the State's Attorney's Office revealing the county has been issuing multiple gaming device permits in error.
The permits are for fundraising efforts such as casino nights, instant bingo tickets and Texas hold 'em tournaments often utilized by nonprofit organizations."
By Beth Ward
Staff Writer
OCEAN CITY -- Worcester County organizations may have a harder time raising funds with the State's Attorney's Office revealing the county has been issuing multiple gaming device permits in error.
The permits are for fundraising efforts such as casino nights, instant bingo tickets and Texas hold 'em tournaments often utilized by nonprofit organizations."
Tags:
IRS continues crackdown on nonprofit executive pay
IRS continues crackdown on nonprofit executive pay: "IRS continues crackdown on nonprofit executive pay
Monday, March 19, 2007
Robin J. Moody - Portland Business Journal
The Internal Revenue Service has slapped 40 nonprofit executives with $21 million in tax penalties to atone for excessive salaries, and asked 600 nonprofits to refile their taxes due to address inaccuracies.
Oregon nonprofits were likely among the 1,826 charities and foundations of all sizes examined during the review, but the IRS did not disclose the names of the groups it scrutinized."
Monday, March 19, 2007
Robin J. Moody - Portland Business Journal
The Internal Revenue Service has slapped 40 nonprofit executives with $21 million in tax penalties to atone for excessive salaries, and asked 600 nonprofits to refile their taxes due to address inaccuracies.
Oregon nonprofits were likely among the 1,826 charities and foundations of all sizes examined during the review, but the IRS did not disclose the names of the groups it scrutinized."
Tags:
Thursday, March 15, 2007
Bill could erase nonprofit tax debts
Bill could erase nonprofit tax debts
"NDIANAPOLIS | Region nonprofits charged property taxes because of missing paperwork could get a clean slate under a plan being considered by state lawmakers.
About 15 to 20 charitable groups failed to file annual tax exempt forms with the county and were subsequently charged tax bills ranging from a few thousand dollars to more than $100,000, Lake County Commissioner Roosevelt Allen Jr. said"
onPhilanthropy: Earmarks to Continue... As They Should
From OnPhilanthropy
onPhilanthropy: Earmarks to Continue... As They Should: "Viewpoint: Earmarks to Continue… As They Should
By: Mark McIntyre, 3/14/2007
To paraphrase Mark Twain, the death of congressional earmarks has been greatly exaggerated. Earmarks, those non-competitive, congressionally approved grants so tirelessly (and hypocritically) criticized by the Executive Branch, will return in this year’s appropriations bills.
And they should. Earmarks are good."
onPhilanthropy: Earmarks to Continue... As They Should: "Viewpoint: Earmarks to Continue… As They Should
By: Mark McIntyre, 3/14/2007
To paraphrase Mark Twain, the death of congressional earmarks has been greatly exaggerated. Earmarks, those non-competitive, congressionally approved grants so tirelessly (and hypocritically) criticized by the Executive Branch, will return in this year’s appropriations bills.
And they should. Earmarks are good."
Wednesday, March 14, 2007
PokerPages News: Bills to Legalize Poker & Casinos in Texas Introduced
PokerPages News: Bills to Legalize Poker & Casinos in Texas Introduced: "The legislation also specifically allows for charitable poker, which would be overseen again by the Lottery Commission. HB 3186 would mean bigger and more successful regular charitable tournaments benefiting a variety of important Texas causes.
'Charitable poker means more Texans win,' said Lavigne. 'Texas charities are losing out on millions of dollars due to the antiquated laws governing the game.'"
'Charitable poker means more Texans win,' said Lavigne. 'Texas charities are losing out on millions of dollars due to the antiquated laws governing the game.'"
Tags:
Tuesday, March 13, 2007
The Morning News: Topics : Senate OKs Bingo Guidelines, Rebuffs Driver's License Changes
The Morning News: Topics : Senate OKs Bingo Guidelines, Rebuffs Driver's License Changes: "LITTLE ROCK -- The Senate approved legislation Monday that would set guidelines for legalizing charitable bingo and raffles and defeated a bill to raise the minimum driving age to 15 and place restrictions on other young drivers."
Tags:
Stephen Barr - OPM Chief Defends Charity Campaign - washingtonpost.com
Stephen Barr - OPM Chief Defends Charity Campaign - washingtonpost.com: "OPM Chief Defends Charity Campaign
By Stephen Barr
Tuesday, March 13, 2007; Page D04
Rushing to address concerns that charities seeking donations in the federal workplace will no longer be held accountable, President Bush's chief civil service adviser said yesterday that the charities 'are receiving appropriate scrutiny.'"
By Stephen Barr
Tuesday, March 13, 2007; Page D04
Rushing to address concerns that charities seeking donations in the federal workplace will no longer be held accountable, President Bush's chief civil service adviser said yesterday that the charities 'are receiving appropriate scrutiny.'"
Tags:
Monday, March 12, 2007
Napa Valley Register | Nonprofits say wine donations vital to operations
Napa Valley Register | Nonprofits say wine donations vital to operations: "Nonprofits say wine donations vital to operations
By JACK HEEGER
Register Staff Writer
Friday, March 09, 2007
Nonprofit organizations around the state are holding their breath. When legislation passes and is signed by the governor allowing vintners to pour wine at charitable events regardless of the type of licenses they hold, those same organizations will breathe a sigh of relief."
By JACK HEEGER
Register Staff Writer
Friday, March 09, 2007
Nonprofit organizations around the state are holding their breath. When legislation passes and is signed by the governor allowing vintners to pour wine at charitable events regardless of the type of licenses they hold, those same organizations will breathe a sigh of relief."
Tags:
Friday, March 09, 2007
PACKETONLINE News Classifieds Entertainment Business - Princeton and Central New Jersey - Cottage Club makes plea before state Supreme Court
PACKETONLINE News Classifieds Entertainment Business - Princeton and Central New Jersey - Cottage Club makes plea before state Supreme Court: "The New Jersey Supreme Court heard arguments this week from the University Cottage Club on its appeal to become exempt from Princeton Borough's tax rolls based on the argument that the building is a historic site and the club is a nonprofit organization."
Tuesday, March 06, 2007
WebCPA | Report: IRS Completes Round of Estate-Tax Staff Cuts
WebCPA | Report: IRS Completes Round of Estate-Tax Staff Cuts: "Washington (March 5, 2007) - The Internal Revenue Service completed a round of staff cuts in recent weeks, letting go nearly 100 employees from the division that oversees gift- and estate-tax returns, according to published reports."
Monday, March 05, 2007
The NonProfit Times - The Leading Business Publication For Nonprofit Management
The NonProfit Times - The Leading Business Publication For Nonprofit Management: "CFC Confusion
More charities, switched ID numbers, stir worry
By Mark Hrywna
Unhappy with the recent changes to the Combined Federal Campaign (CFC), and the response from the Office of Personnel Management (OPM), some charity leaders are taking their plight to Congress.
The major concerns are that the identification numbers long-term donors have come to expect for their favorite charity have changed and the requirement that charities spend no more than 25 percent on overhead has been dropped."
More charities, switched ID numbers, stir worry
By Mark Hrywna
Unhappy with the recent changes to the Combined Federal Campaign (CFC), and the response from the Office of Personnel Management (OPM), some charity leaders are taking their plight to Congress.
The major concerns are that the identification numbers long-term donors have come to expect for their favorite charity have changed and the requirement that charities spend no more than 25 percent on overhead has been dropped."
Congress to create new caucus on philanthropy - Examiner.com
Congress to create new caucus on philanthropy - Examiner.com: "WASHINGTON - The House of Representatives will put the spotlight on nonprofits this session with the establishment of a bipartisan caucus dedicated to the sector, The Examiner has learned.
Rep. Robin Hayes, R-N.C., will co-chair the first-ever Congressional Philanthropy Caucus, and there are hopes for a matching caucus on the Senate side."
Rep. Robin Hayes, R-N.C., will co-chair the first-ever Congressional Philanthropy Caucus, and there are hopes for a matching caucus on the Senate side."
Subscribe to:
Posts (Atom)