Tax, Legal & Compliance
Six years before he died, Himan Brown, the creator of the radio dramas “Dick Tracy” and “Inner Sanctum Mysteries,” signed papers ensuring the bulk of his $100 million estate would go to a charitable trust under the sole control of his longtime lawyer. Now a lawsuit alleges that the lawyer, Richard L. Kay, duped Brown,…
The Second Mile filed a petition last week to dissolve itself and give its remaining $800,000 in assets to the Pennsylvania Office of Attorney General. Jerry Sandusky, the former Penn State University assistant football coach who in 2012 was convicted of 45 counts of sexual abuse of 10 different boys and sentenced to 30 to 60 years in prison, founded the 39-year-old nonprofit based in Bellefonte, Pa. Sandusky also supported the nonprofit as an active fundraiser...
Three days before Christmas, Boston University was awarded a $16 million grant from the National Institutes of Health for brain-injury research. The funding was supposed to come from a $30 million unrestricted gift from the NFL, but when the study was announced, there was no mention of the league's involvment. Did the NFL back out of the deal? Or was it never involved to begin with? Here's what we know...
Nonprofits can breathe a sigh of relief today. The Internal Revenue Service and the Treasury Department withdrew the proposal of a new substantiation rule that would allow charities to self-report donations of more than $250 from the Federal Register today...
New Jersey’s nonprofit hospitals, which have long enjoyed a tax exemption, would have to make payments to their host communities to cover the cost of municipal services under a bipartisan measure making its way through the state legislature. Lawmakers are responding to a June court ruling which found that the 40-acre Morristown Medical Center owed…
What would you do if your organization received a sizable donation from an individual who, months later, was charged with a federal crime? Would you keep the donation or give it back? That’s the question facing Hunter College High School in the wake of Thursday’s arrest of Martin Shkreli, a 32-year-old multimillionaire pharmaceuticals executive who once attended the school...
Charities and donors have been in limbo, waiting for Congress to decide whether to renew expired tax laws that help funnel more to charity. In a midnight deal, House Republicans have put together a spending and tax law package that includes making many items on the charities’ wish lists permanent–and retroactive to Jan. 1, 2015.…
Until early last year, the website of a Brooklyn, New York-based charity called the National Children’s Leukemia Foundation boasted that the organization had its own “biomedical cancer research center,” where “leading scientists” were working on cancer treatments. A PowerPoint slide that the group’s founder, Zvi Shor, used in a presentation showed an office building where…
On Monday, Consumer Reports released its "Best and Worst Charities For Your Donations" list. By no means as comprehensive as the magazine's robust coverage and hands-on reviews of cars, appliances and electronics, the list is intended as a snapshot for would-be donors, offering tips for avoiding charity scams and more. There's some sound advice in there, but the list itself leaves us with some questions...
A Field Museum employee taking memberships at the door pocketed $900,000 in cash over seven years and is being investigated by federal authorities, museum executives said Friday. Disclosure of the alleged theft was made in a federally mandated tax report the natural history institution filed earlier this month. “Yes, it’s embarrassing somebody got away with…