Treasury will release tomorrow final regulations regarding private foundations and their use of a process called “foreign public charity equivalence” or “equivalency determination.” Treasury’s hope in issuing these regulations is to facilitate international grantmaking while ensuring that foundation equivalency determinations are appropriately made. Background and 2012 proposed regulations. As explained in a prior post, before… Continue Reading
In the wake of new private foundation regulations, I had previously written about the concept of foreign public charity equivalence repositories. Our client TechSoup announced yesterday that their repository, built in collaboration with Council on Foundations, is now up and running. It is always exciting to see a client’s hard work come to fruition.
Fiscal sponsorship is widespread, but confusion remains about what it is. This is no surprise, because the term has no single legal definition, and people use it in a wide variety of situations, correctly and sometimes incorrectly. Typically, a 501(c)(3) charity collaborates with another party so deductible contributions can be received and used to support… Continue Reading
Private foundations making grants directly to foreign organizations generally must use one of two grantmaking procedures―expenditure responsibility or foreign public charity equivalency (“FPCE” for short). In FPCE, a grantor makes a good faith determination, based on an affidavit of the grantee or on an opinion of counsel, that the foreign charity meets the basic 501(c)(3) public… Continue Reading
The Department of the Treasury and the IRS have just released proposed regulations for private foundations. Here’s a look at what they say. Expanding class of tax practitioners on whose opinions private foundations can rely for foreign public charity equivalency. Currently, private foundations wishing to make grants to non-U.S. charities generally have to exercise expenditure responsibility… Continue Reading
Theft from a charity is, fortunately, rare. But it happens, perhaps more in tougher economic times. From the charity’s perspective, the question is what to do when the theft is discovered. As fiduciaries of the charity, its Board must take these situations very seriously, and carefully consider how best to protect the charity’s interests. Every… Continue Reading
We’re a 15-attorney firm (quietly assisted by 16 amazing staffers) dedicated solely to the practice of nonprofit, tax-exempt law. We’re fortunate to have remarkable clients — granting foundations, public charities carrying out the good stuff our society needs, individual philanthropists, social welfare organizations, trade associations, and many others. With this blog, we hope to quickly… Continue Reading