On December 4, 2017, the Internal Revenue Service and U.S. Treasury Department released Notice 2017-73 (Request for Comments on Application of Excise Taxes With Respect to Donor Advised Funds in Certain Situations), seeking comments to help them develop donor-advised fund regulations in three specific areas. Written comments must be submitted...
DONOR-ADVISED FUNDS
Northwest Planned Giving Roundtable Annual Conference
The 2016 Northwest Planned Giving Roundtable Annual Conference in Portland, Oregon on September 16 features several notable speakers including NEO Of Counsel Brigit Kavanagh, who will be co-presenting a session on Why Donor Advised Funds and Supporting Organizations are a Gift Planner’s Friend with Wendy Chou, senior philanthropic advisor with...
Donor-Advised Funds: What You Should Know
Introduction A donor-advised fund (“DAF”) is a charitable vehicle housed within a 501(c)(3) public charity that allows a donor to make a gift, take an immediate charitable deduction, and recommend, typically with strong persuasive authority, future grants made from funds in the DAF. Unlike private foundations that require a...
Rules Affecting Donor Advised Funds
As stated in our earlier post What Is A Donor Advised Fund?, donor advised funds (DAFs) are subject to several private foundation-like rules that sponsoring organizations may not ordinarily be subject to as public charities. These rules are meant to curb abuses and create more transparency within the DAF...
What Is A Donor Advised Fund?
Donor advised funds are an increasingly popular mechanism for individuals with charitable objectives who want to make a deductible charitable contribution in one year but make charitable distributions (grants) over a period of years. They are often recommended to such individuals as a preferable alternative to starting a private foundation....
NEO Law Group’s Video on Tips for Starting a Nonprofit – Alternatives to Forming a Nonprofit
Today, NEO Law Group released a new 3 minute video in its series of videos on tips for nonprofits, available on YouTube. While incorporating a nonprofit and applying for tax exemption may be the right choice in some instances, there may often be a better way to achieve your charitable goals. This video focuses on some possible alternatives to...
2010 Western Conference on Tax Exempt Organizations
Last Thursday and Friday, I attended one of my favorite annual events, the Western Conference on Tax Exempt Organizations (WCTEO), co-sponsored by Loyola Law School and the Internal Revenue Service. As always, the event was attended by many prominent attorneys, accountants, and executives who practice in the nonprofit and...
Donor Advised Funds – An Uncertain Future
Donor advised funds enable people to claim a charitable tax deduction on donated cash, stock, and other assets to these special accounts offered primarily by financial companies and community foundations while also allowing them to recommend how, when, and to which charities their money should be distributed. Donor advised...
IRS Releases New Guidelines for Form 1023
On July 31, 2008, the Internal Revenue Service (IRS) released a memorandum to explain the new guidelines for processing Form 1023 applications for exemption under IRC Section 501(c)(3) submitted by sponsoring organizations that maintain donor advised funds. These organizations must now refer to the Donor Advised Funds Guide Sheet...
Study of Donor Advised Funds and Supporting Organizations
In Notice 2007-21, Treasury and the IRS requested comments on issues relating to the organization and operation of donor advised funds and supporting organizations as part of a study required by the Pension Protection Act. The Notice identified the following issues for public comment: Whether charitable contribution deductions are...
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