WASHINGTON, DC — More than 250 philanthropy leaders from across the nation, including five representing Connecticut philanthropy, are gathering on Capitol Hill starting today to urge lawmakers to value and strengthen charitable giving in America. Their meetings are part of Foundations on the Hill, a multi-day event presented by the Forum of Regional Associations of Grantmakers in partnership with the Council on Foundations and the Alliance for Charitable Reform.
Tax and Regulatory Issues
WASHINGTON, DC -- “The Evolving World of State Charities Regulation,” was a key topic during the public day of the annual conference of the National Association of Attorneys General (NAAG) and National Association of State Charity Officials (NASCO) in Washington, DC.
WASHINGTON, DC -- Nearly a third of U.S. states and territories have less than one full-time-equivalent lawyer or staff member dedicated to charity oversight, and the structure of state regulatory offices varies dramatically across the country, according to a new study.
WASHINGTON, DC -- The House Ways and Means Committee's oversight subcommittee is slated to hold a hearing on September 13 on tax-exempt college endowments. Lawmakers have been scrutinizing endowments given the rising costs of higher education. The endowments of private, nonprofit colleges are tax-exempt, and the schools are not required to spend a minimum percent of their endowments annually.
WASHINGTON, DC -- When Robert Forrester comes to Washington for several days in September, he will have a familiar, but pressing, task on his agenda: meeting with lawmakers and staffers on Capitol Hill to make what might be the biggest pitch of his decades-long career in philanthropy. Forrester, the president and chief executive officer of Newman's Own Foundation, has spent the last five years building support for legislation to save the foundation and open the door to more innovation across the nonprofit world. If Congress doesn't act soon, the foundation could face a whopping 200 percent tax at the end of 2018—a problem Forrester told Bloomberg BNA is an “existential” issue.
WASHINGTON, DC -- Nonprofits will soon be able to register in multiple states using a central electronic system, state regulators say, a project years in the making that could save some groups thousands of dollars and dozens of hours of staff time. The Single Portal Initiative is poised to halt a decades-old paper trail by which charities operating in multiple states register and file, often on hard copy, documents with each individual state. It also puts into the hands of regulators reams of searchable data that can be used to spot fraud and build legal cases against bad actors.