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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…
In Notice 2007-21, the Treasury Department and IRS requested comments on issues relating to the organization and operation of donor-advised funds and supporting organizations, to be included in a study of these organizations. The resulting report includes a detailed discussion of the legal…
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…
What is the Sarbanes-Oxley Act?
The Sarbanes-Oxley Act of 2002 was designed to rebuild public trust in the corporate community in the wake of the Enron scandal and other corporate and accounting scandals. Sarbanes-Oxley requires publicly traded companies to adhere to governance standards that…
A Toolkit for Community Foundations
“Impact investing” is the practice of investing for social and environmental impact while generating financial return. For community foundations, impact investing represents a new, complementary tool for achieving community change. Community foundations are…
Suzanne Friday, Senior Legal Counsel and Vice President of Legal Affairs at the Council, discussed the goals and motivations driving corporate giving, with a particular focus on corporate foundations.
After a brief review of the applicable legal rules, they discuss how corporate foundations can…
Gifts from private foundations to field of interest funds, designated funds, and other funds that are not donor advised, are entirely permissible and do not raise special concerns. Gifts to a donor-advised fund can raise red flags as a potential donor control issue. The law does not prohibit gifts…
Can a 501(c)(3) organization with a donor advised fund at a community foundation make a distribution to itself?
Unfortunately, when the law changed under the Pension Protection Act of 2006, this was left unclear. Intermediate sanctions rules prohibit grants and similar payments to donors from a…
https://cof.org/content/grants-organizations-donor-advised-funds-expenditure-responsibility-required
Use this flowchart to determine if grants from donor-advised funds require expenditure responsibility.
Public charities that hold donor advised funds must comply with special rules regarding payments from such funds. Provisions under the Pension Protection Act of 2006 require certain payments from donor advised funds to be made using expenditure responsibility, while certain other payments are…