Charitable organizations are eligible to be tax-exempt under section 501(c)(3) of the Internal Revenue Code. This is based on a common belief that giving to charities is good for society. However, with ever increasing reports of corruption and fraud, very large amounts of monies tied up in endowment funds of universities and foundations, and cries of unfair competition by taxable for-profits, some […]
A collection of labor and community groups filed a complaint with the Internal Revenue Service accusing Wal-Mart Stores Inc’s charitable foundation of violating its tax exempt status by using donations in an attempt to facilitate store openings in urban areas.
In the complaint, dated Monday and addressed to IRS Commissioner John Koskinen, the group claims the Walmart Foundation made donations to […]
Four charities that claimed to be helping cancer patients were actually lining the pockets of their executives, the Federal Trade Commission said in a complaint filed against the Cancer Fund of America, Children’s Cancer Fund of America, the Breast Cancer Society, and Cancer Support Services.
In one of the largest charity fraud cases ever filed, the executives stand accused of stealing […]
Foundations are the new Birkin bags. Everyone who is anyone has one. Giving is now chic. Far from being in denial about it, many wealthy people fret over rising inequality these days, in public and in private.
When they do, giving invariably comes up — whether traditional charity, multiple-bottom-line investing or corporate social responsibility.
What is less fashionable to talk about is […]
According to the J.W. McConnell Family Foundation, business as usual isn’t enough to deliver the results we need. “The nature of our times is such that the magnitude and degree of complexity of our challenges exceed the capacity of any one sector to resolve,” said Stephen Huddart, McConnell’s president and CEO. To support transformation of the nonprofit sector, McConnell created […]
The IRS regulations when it comes to gifts in kind can be confusing. But they’re well worth leveraging. As noted by Brian Mittendorf, Professor of Accounting and MIS at The Ohio State University Fisher School of Business, “The IRS rules are such that a company is likely to see greater tax benefits from donating inventory than from donating cash.”
With that […]
The popularity of nonprofit crowdfunding is undeniable. Last year alone, it is estimated that $5 billion was raised through global crowdfunding with about 30 percent of that total going to social causes. While that figure pales in comparison to the approximately $300 billion raised by charities in the US over the same time period, the number of donation and reward-based […]
In a recent article in The New Zealand Herald, “Why Does Social Enterprise Matter?”, The Akina Foundation explores why now is a better time than ever for nonprofit social organizations to shift to self-sustaining (or even profitable) business models. We couldn’t agree more. Our organization, The Global Good Fund, accelerates the development of young social entrepreneurs through a 15-month Fellowship. […]