Under the Inflation Reduction Act (IRA), nonprofit entities, including nonprofit independent schools, are now eligible to receive payment in lieu of tax credits for solar photovoltaic (PV) systems. This extension of the IRA...more
For many charitable institutions, accepting gifts subject to certain donor-imposed restrictions is in the normal course of business. While these restricted funds are quite common, their usefulness can occasionally become...more
On March 5, 2024, the U.S. Department of Education (the “Department”) announced that Liberty University (“Liberty”) has agreed to pay a fine of $14 million for material and ongoing violations of the federal Clery Act. This...more
4/2/2024
/ Clery Act ,
Colleges ,
Department of Education ,
Educational Institutions ,
Federal Funding ,
Fines ,
FSA ,
Investigations ,
Reporting Requirements ,
Sexual Assault ,
Universities
Beginning on January 1, 2024, the vast majority of new and existing business entities will become subject to beneficial ownership information reporting requirements under the Corporate Transparency Act and its related rules...more
Donors with ownership interests in privately held companies (i.e., limited liability companies, corporations, partnerships) have the ability to utilize the interest to make a charitable gift. This strategy becomes...more
8/11/2023
/ 501(c)(3) ,
Capital Gains Tax ,
Charitable Donations ,
Donors ,
Gifts ,
Income Taxes ,
Ownership Interest ,
Privately Held Corporations ,
Public Charities ,
Tax Deductions ,
Tax Planning ,
Tax Returns
The U.S. Department of Education launched a civil rights investigation into Harvard University’s (“Harvard”) use of legacy and donor admissions preferences, following the United States Supreme Court’s recent decision to...more
On June 29, 2023, the Supreme Court of the United States determined the constitutionality of the race-based admissions policies employed by Harvard College and the University of North Carolina in the landmark cases Students...more
7/10/2023
/ Affirmative Action ,
College Admissions ,
Colleges ,
Diversity ,
Equal Protection ,
Fourteenth Amendment ,
Race Discrimination ,
SCOTUS ,
Students for Fair Admissions v Harvard College ,
Students for Fair Admissions v University of North Carolina ,
Universities
In 2021, the National Collegiate Athletic Association (“NCAA”) adopted a policy that permitted student athletes to be compensated for the use of their name, image, and likeness (“NIL”). Since then, organizations have been...more
As the Supreme Court prepares to rule on two landmark affirmative action cases (Students for Fair Admissions Inc. v. President and Fellows of Harvard College and Students for Fair Admissions Inc. v. University of North...more
President Biden recently signed into law the Secure 2.0 Act of 2022. The Act contains, in part, an expansion of the rules for qualified charitable distributions. A qualified charitable distribution (“QCD”) is a direct...more
Whether you run a nonprofit or serve on the Board, you have a responsibility to make sure the organization is both in compliance to weather the storm and take advantage of growth opportunities. There never seems to be enough...more
12/7/2022
/ Annual Filings ,
Audits ,
Best Practices ,
Board of Directors ,
Collateralized Debt Obligations ,
Compliance ,
Conflicts of Interest ,
Disclosure Requirements ,
Employment Policies ,
Executive Compensation ,
Grants ,
Insurance Industry ,
Investment ,
Liability ,
Nonprofits ,
Policies and Procedures ,
Sick Leave ,
Whistleblower Protection Policies
With Giving Tuesday around the corner, nonprofit organizations should continue to communicate to its donor base the diverse ways to make a charitable gift.
An IRA owner who is over the age of 70 ½ may have money...more
Charities increasingly receive inquiries from donors regarding the entity’s willingness to accept cryptocurrency (“crypto”) donations. In the wake of the pandemic, charities should consider ways to diversify fundraising...more
The COVID-19 pandemic has impacted almost every business and nonprofit organization. Many experts have written about how nonprofits can handle fundraising during the crisis, suggesting increasing donor engagement, staying the...more
For organizations that operate on a calendar-year basis, this includes the 2019 Form 990 they would have normally filed on May 15. The upcoming July 15 deadline applies to many forms that were originally due May 15,...more
Nonprofit organizations with traditional reliance on event fundraising are now in a position to solicit donors in an alternate manner because of the COVID-19 pandemic. It is an opportune time to launch formal annual and...more
4/28/2020
/ CARES Act ,
Charitable Donations ,
Donor-Advised Funds (DAFs) ,
Endowment Funds ,
Life Estates ,
Life Insurance ,
Qualified Charitable Distributions ,
Retirement Funds ,
SECURE Act ,
Tax Incentives ,
Trusts
On March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"). The CARES Act benefits nonprofit organizations. The below summary contains highlights of several applicable...more
4/2/2020
/ CARES Act ,
Charitable Donations ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Educational Institutions ,
Employee Retention ,
Financial Stimulus ,
Loan Forgiveness ,
Loans ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
Tax Credits
501(c)(3) Nonprofit Organizations Update: CARES Act and Importance of Developing Comprehensive Charitable Giving Opportunities During COVID-19 Pandemic
On March 27, President Trump signed into law the Coronavirus Aid,...more
The coronavirus, also known as COVID-19, will impact how nonprofit organizations deliver mission-based services for the foreseeable future. Below are some action steps nonprofit executives, leaders and board members can take...more
You are ready to join a nonprofit board so you can help support the good work that it does. Do you know the risks associated with serving in this important role?
...more