Legal Compliance Guidance

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Displaying 49 - 64 of 121 results

Accounting for Agency Endowment Funds Held at Community Foundations

Legal Compliance Guidance
Introduction Nonprofits place their endowment funds with community foundations for a variety of reasons, including investment expertise, efficiencies, and access to planned giving advice and services. As nonprofit organizations seek to place their assets and partner with the foundation, questions…

Changing Supporting Organization Status

Legal Compliance Guidance
With tighter restrictions on grants to supporting organizations after the PPA, reclassifying into a public charity with fewer restrictions is an option worth considering.   Supporting organizations that meets the public support test can be reclassified as a public charity under section 509(a)(…

Council Summary: Report to Congress on Supporting Organizations and Donor Advised Funds

Legal Compliance Guidance
The Treasury Department released its report on donor advised funds (DAFs) and supporting organizations (SOs) in December of 2011. This report, mandated by the Pension Protection Act of 2006, was due in August 2007. The report is 109 pages, including appendices, and is divided into five chapters:…

990 Filing for Small Public Charities

Legal Compliance Guidance
Under the Pension Protection Act of 2006 (PPA), any organization that is not required to file Form 990 because it is a “small public charity” will be required to submit an annual 990-N report to the IRS. The IRS posted FAQ's with additional information about the filing requirement. A “small public…

Public Disclosure of Form 990-T for Private Foundations and Public Charities

Legal Compliance Guidance
Under the Pension Protection Act of 2006 (PPA), the rules for public disclosure of the Form 990-T by public charities and private foundations became identical to those for Form 990. Which forms are affected? Any Form 990-T filed after August 17, 2006. What are the public disclosure requirements…

Contributions of Fractional Interests in Tangible Personal Property

Legal Compliance Guidance
The Pension Protection Act of 2006 (PPA) imposes requirements for determining the charitable deduction permitted for gifts of fractional interests in tangible personal property.  What contributions are affected? These requirements apply to contributions made after August 17, 2006. What is…

Donor Guidance for Non-Cash Charitable Contributions

Legal Compliance Guidance
Contributions of clothing and household items Section 1216 of the Pension Protection Act of 2006 (PPA) imposes requirements for contributions of clothing and household items to charity. The provision is effective for contributions made after the date of enactment (August 17, 2006). In general,…

Tax Reporting for Supporting Organizations

Legal Compliance Guidance
Affected transactions: Returns filed for taxable years ending after August 17, 2006. Are all supporting organizations required to file Form 990? Yes. Prior to the enactment of the Pension Protection Act of 2006, public charities that normally received less than $25,000 in annual gross receipts…

Guidance for Donor Advised Funds, Supporting Organizations, and Employer Disaster Funds

Legal Compliance Guidance
This resource is a Council Summary of IRS Interim Guidance found in IRS Notice 2006-109, issued December 6, 2006, and explains steps for determining supporting organization status, and important information on the employer disaster relief fund exemption. Responding to requests from the Council on…

Provisions Affecting Supporting Organizations

Legal Compliance Guidance
This chart outlines all provisions that affect the operations of supporting organizations.

FAQ: Supporting Organizations

Legal Compliance Guidance, Fundamentals
Summary A supporting organization qualifies as a public charity because it has a close relationship with another publicly supported section 501(c)(3) organization. Based on the relationship of the supporting organization to the public charity it supports, a supporting organization will be…

Permissible Grantees for Donor Advised Funds

Legal Compliance Guidance
This chart details which organizations can receive grants from donor-advised funds and which ones cannot.

Scholarship Funds and PPA Compliance

Legal Compliance Guidance
Bringing Funds Into Compliance The Pension Protection Act of 2006 (PPA) includes the first comprehensive regulation of donor-advised funds. For the first time, donor-advised funds are legally defined. The legal definition is important for grantmakers that operate various kinds of component funds,…

Prohibited Benefits from Donor Advised Funds

Fundamentals, Legal Compliance Guidance
Donors and advisors are prohibited from receiving more than incidental benefits from grants made from their advised funds. Penalties apply to those who received a prohibited benefit, to those who recommended the grant, and, in some situations, to fund managers who approved the recommendation.…

Tax Reporting for Organizations that Hold Donor-Advised Funds

Legal Compliance Guidance
If our organization holds donor-advised funds, what information must we provide on Form 990? A sponsoring organization, such as a community foundation, must disclose on Schedule D, Part I of its 990 the following information: Number of donor-advised funds owned; Aggregate value of assets held…

Intermediate Sanctions for Donor Advised Funds and Sponsoring Organizations

Fundamentals, Legal Compliance Guidance
The Pension Protection Act of 2006 created new categories of disqualified persons for donor advised funds and sponsoring organizations under the intermediate sanctions rules. Categories of Disqualified Persons Created under the PPA Donors and donor advisors with regard to transactions with the…

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