Yesterday we told you about Democratic Senators’ proposals to cut charitable deductions. Now Republican Rep. David Reichert is spreading the word that Republicans don’t agree. In an interview with The Chronicle of Philanthropy, Reichert affirms that he has never supported a cap on the charitable deduction and neither have any of his Republican colleagues. He …
Posts Categorized: Donations
Another Call for Reducing Charitable Deductions
Would your nonprofit survive if suddenly private donations dwindled? If the Senate Democrats have their way, you may be forced to find out. They want to reduce the value of itemized deductions, which includes the charitable deduction, taken by the wealthiest taxpayers. The Senate Democrats’ federal budget plan lays out several options to get this …
You Follow the Rules, Why Doesn’t Charity Navigator?
Your organization works hard and pays good money to follow the accounting rules – is it fair that Charity Navigator doesn’t? The charity evaluator uses metrics by which it analyzes and rates charities. These ratings are then viewed by thousands of potential donors. In an under-the-radar move, Charity Navigator recently revised its financial performance efficiency metrics to …
Madoffs Can't Even Give Their Money Away
When your organization accepts a donation, does it first consider the source of the donation? The Fidelity Charitable Gift Fund did just that when it turned down more than $250,000 in gifts last year from organizations founded by sons of Bernie Madoff. The Fund isn’t making public why it rejected the funds, but possible reasons …
Restrictions on Property Strike Again!
As we told you before, organizations and donors alike need to be careful when a contribution is made. We recently got another reminder on this. This time it wasn’t a true contribution, but a sale of real estate at a deeply discounted price. A land advocate, who died in 2005, sold the property to Johns …
Great News for Nonprofits with LLC Subsidiaries
501(c)(3) organizations frequently create single member limited liability companies to hold assets, some as subsidiaries to protect against risk. However, until now, the IRS would not state whether donations to these single member LLCs were deductible as charitable contributions. As of today, that has all changed. The IRS just released a notice that donations to …