Contents TABLE OF CONTENTS
|
|
- Morgan Briggs
- 7 years ago
- Views:
Transcription
1 Contents CHAPTER 1 1 Role of Nonprofit Organizations in Affordable Housing and Community Development Activities 1:01 Overview 1 1:02 Charitable Defined 2 1:03 Public Benefit Mission 2 1:04 Benefits of Tax-Exempt Status 3 1:05 Obtaining Tax-Exempt Status 3 1:06 Form of Entity 3 1:07 Exclusive Purpose 3 1:08 Organizational and Operational Tests 4 [1] Organizational Test 4 [2] Operational Test 5 1:09 Trade or Business Activity 6 1:10 Feeder Organizations 7 1:11 Safe Harbor Rules for Nonprofit Organizations in Affordable Housing 7 [1] Additional facts and circumstances. 8 1:12 Private Inurement Rules 9 1:14 Taxes on Excess Benefit Transactions 10 1:15 Safe Harbor Guidance on Compensatory Economic Benefits 15 CHAPTER 2 16 Public/Private Partnerships 2:01 General Rules 16 2:02 Partnership Agreements 16 2:03 Guarantees 18 2:04 Development Fees 18 2:05 IRS Guidance on Joint-Venture Arrangements 18 2:06 Regulations on Nonprofit Participation in Tax Shelters 25 CHAPTER 3 26 Nonprofit Participation in Low-Income Housing Tax Credit (LIHTC) Projects 3:01 Federal Tax Requirements 26 3:02 Tax Credit Allocation Set-asides for Nonprofit Organizations Under :03 Qualified Nonprofit Organization 27 viii
2 3:04 Development and Organization 28 3:05 Regular and Continuous 28 3:06 Individuals The 500-Hour Test 28 3:07 Closely Held C Corporation Test 29 3:08 10-Year Hold Exception 29 3:09 Right of First Refusal 29 3:10 State Property Tax Exemption 30 3:11 California Property Tax Exemption 30 [1] Organizational Requirements 31 [2] Property Operational Requirements 31 [3] California Housing Exemption Qualified 501(c)(3) Bond 34 [1] General 35 [2] Property Owned by an IRC 501(c)(3) Entity or a Governmental Unit 35 [a] Mixed-Use Rule for Property 36 [3] $150 Million Limit/Cap 36 [a] Outstanding Tax-Exempt Nonhospital Bond 37 [b] Test-Period Beneficiary 37 [c] Aggregation Rules 37 [4] Restrictions on Residential Rental Housing 38 [a] First Use of Property 38 [b] Qualified Residential Rental Projects 39 [c] Substantial Rehabilitation 39 [5] Election Out 40 CHAPTER 4 41 Tax-Exempt Use Property Depreciation Rules 4:01 General Rule 41 4:02 Depreciation Method 41 4:03 Allocation of Profit and Loss Requirements 43 4:04 Placed-In-Service Date 44 CHAPTER 5 46 Charitable Contribution of Real Estate 5:01 General Rule 46 5:02 Personal Use Property 46 ix
3 5:03 Reporting Requirements for Dispositions of Donated Property 47 5:04 Accounting for a Charitable Contribution of LIHTC Property 47 CHAPTER 6 50 Unrelated Business Taxable Income 6:01 Overview and Definitions 50 [1] Defining Unrelated Business Taxable Income 51 6:02 Income Excluded from Unrelated Business Income 51 6:03 Unrelated Trade or Business 51 [1] Halfway house workshop 52 [2] Volunteer workforce 52 [3] Selling donated merchandise Real Property versus Personal Property 53 [1] When Income Is Received from Personal Property and Real Property 53 6:05 Debt Financed Income 53 6:06 Asset Transfers to Exempt Entities 55 6:07 Asset Transfers from Exempt Entities 56 6:08 IRC 1245 Property 56 6:09 IRC 1250 Property 56 6:10 Unrelated Business Income from a Partnership 57 6:11 Facilities Financed with Tax-Exempt Bonds 57 6:12 Special rules for Organizations Described in 501(c)(7), (9), (17) or (20) 57 6:13 Situations When Management and Administrative Service Fees are UBTI 58 6:14 Income from Parking Facilities 58 [1] Substantially related activity 59 [2] Parking as a charitable activity 59 [3] Not regularly carried on 59 [4] Convenience exemption 59 [5] Rental of real property 59 [6] Volunteer services 59 6:15 Payment of Unrelated Business Income Tax 60 CHAPTER 7 62 California Nonprofit Integrity Act of :01 Nonprofit Integrity Act of [1] Application 62 x
4 [2] Filing periods 62 [3] Audit requirements 62 [4] Audit committees 63 [5] Executive compensation 63 [6] Commercial fundraisers 63 APPENDIX A USC 501 Exemption from Tax on Corporations, Certain Trusts, Etc. APPENDIX B 101 IRS Guidance Rev. Rul , I.R.B 102 Rev. Rul , I.R.B. ISSUE 107 Revenue Procedure Private Letter Ruling Private Letter Ruling General Counsel Memorandum APPENDIX C 143 Case Law Housing Pioneers Inc. v. Commissioner 144 St. David s Health Care System Inc. v. United States of America 153 Plumstead Theatre Society Inc. v. Commissioner 169 Redlands Surgical Services v. Commissioner 172 APPENDIX D 214 Nonprofit Integrity Act of 2004 (SB 1262) APPENDIX E 234 Links to Nonprofit Property Tax Exemptions APPENDIX F 243 IRS Exempt Organization Technical Topics 1999 CPE Text Exempt Organizations-Technical Topics Whole Hospital Joint Ventures 244 Exempt Organizations-Technical Instruction Program for FY 2003 Housing Partnership Agreements 263 Memorandum for Manager, EO Determination, Robert S. Choi, July 30, APPENDIX G 284 Industry Articles IRS Steps up Scrutiny of 501(c)(3)s and Tax-Exempt Bond Financing Transactions 285 xi
5 Using 501(c)(3) Bonds with GNMA Credit: An Alternative Tax-Exempt Bond Structure 289 Bond Financing for 501(c)(3) Organizations: What Not-For-Profits Need to Know (c)(3) Bond Opportunities for Nonprofits and For-Profits 296 Accounting for a Charitable Contribution of LIHC Property 300 Housing Nonprofits: Benefits and Burdens 303 Q&A with Monica Sussman: HUD Notice H IRS Exempts LIHTC, NMTC Transactions from Reportable Transaction Disclosure Rules 312 Practical Implementation of IRS Directive: A Safe Harbor for New LIHTC Not-for-Profits and IRC IRS Changes Accounting Method for Partnership Activity Reported on Form xii
Qualified 501(c)(3) Bonds
Qualified 501(c)(3) Bonds May 15, 2015 Denver, Colorado 24th Annual Institute on Advising Nonprofit Organizations Frederic H. Marienthal Partner Kutak Rock LLP Frederic.Marienthal@KutakRock.com 4815-3880-5027
More information1. The organization mission or most significant activities that you wish to highlight this year:
Form 990 Questionnaire For All Organizations Core Form Heading & Pt I Summary 1. The organization mission or most significant activities that you wish to highlight this year: 2. Total number of volunteers
More informationL. UBIT: SPECIAL RULES FOR PARTNERSHIPS by John Chappell and Charles Barrett
L. UBIT: SPECIAL RULES FOR PARTNERSHIPS by John Chappell and Charles Barrett 1. Introduction Most exempt organizations carry on all their activities directly within, typically, a notfor-profit corporation.
More informationReturn of Organization Exempt From Income Tax
Form 990 Return of Organization Exempt From Income Tax OMB No. 1545-0047 Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except black lung 2010 benefit trust or private foundation)
More informationPOST ISSUANCE COMPLIANCE CHECKLIST
POST ISSUANCE COMPLIANCE CHECKLIST The National Association of Bond Lawyers ( NABL ) and the Government Finance Officers Association ( GFOA ) have jointly developed the following checklist to assist bond
More informationForm 990 Return of Organization Exempt From Income Tax
OMB No. 1545-0047 Form 990 Return of Organization Exempt From Income Tax Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except black lung 2011 benefit trust or private foundation)
More informationIRC 42, Low-Income Housing Credit. Audit Technique Guide
IRC 42, Low-Income Housing Credit The scope of this guide is limited to guidelines for IRS examiners conducting audits of taxpayers owning IRC 42, low-income housing projects. Audit Technique Guide This
More informationForm 990 Return of Organization Exempt From Income Tax
OMB No. 1545-0047 Form 990 Return of Organization Exempt From Income Tax Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except private foundations) 2014 Do not enter social security
More informationTax Update. October 28, 2014
Tax Update October 28, 2014 SC&H Group Agenda Update from the IRS Expired Tax Provisions Impacting Exempt Organizations Proposed Legislation Impacting Tax Exempt Organizations Changes to the 2013 Form
More informationAccountable Care Organizations: Tax Consequences to Tax-Exempt Healthcare Organizations in Joint Ventures
Accountable Care Organizations: Tax Consequences to Tax-Exempt Healthcare Organizations in Joint Ventures by Nancy Ortmeyer Kuhn Nancy Ortmeyer Kuhn is a director in the Business Law group of Jackson &
More informationMSSP. Market Segment Specialization Program. Low-Income Housing Credit
MSSP Market Segment Specialization Program Low-Income Housing Credit The taxpayer names and addresses shown in this publication are hypothetical. They were chosen at random from a list of names of American
More informationTax Exempt Bond Financing For Affordable Housing Projects
Tax Exempt Bond Financing For Affordable Housing Projects April 9, 2015 Sujyot S. Patel Partner Dinsmore & Shohl LLP (513) 639-9256 Sujyot.patel@dinsmore.com Lewis Diaz Partner Dinsmore & Shohl LLP (513)
More informationTax Issues Facing Exempt Organizations
Tax Issues Facing Exempt Organizations TODAY S AGENDA AND OBJECTIVES CHNA Timeline Refresher Unrelated Business Income Joint Ventures State Update 2 CHNA TIMING Effective for tax years beginning after
More informationA BRIEF DESCRIPTION OF LOW-INCOME HOUSING TAX CREDITS. Joseph P. McCarthy
A BRIEF DESCRIPTION OF LOW-INCOME HOUSING TAX CREDITS Joseph P. McCarthy The Low-Income Housing Tax Credit is a federal income tax credit that is available each year for ten years and results in a dollar-for-dollar
More informationIncome Tax Issues Affecting Small Nonprofit Organizations
Income Tax Issues Affecting Small Nonprofit Organizations A free resource provided by the Virginia Society of Certified Public Accountants 2 Income Tax Issues Affecting Small Nonprofit Organizations A
More informationInstructions for Limited Liability Company Reference Guide Sheet
Instructions for Limited Liability Company Reference Guide Sheet Parts I and II of these instructions provide information keyed to certain questions in the Limited Liability Company Reference Guide Sheet.
More informationUBIT TER Sweet Kyle R. ZumBerge Tax Attorney, The University of Texas System
UBIT TER Sweet Kyle R. ZumBerge Tax Attorney, The University of Texas System 2013 Winter Conference February 3 5,2013 Omni Austin Hotel Downtown Austin, Texas 2 UBIT TER Sweet Outline UBIT Background General
More informationTHE SOUTH FLORIDA CHURCH OF CHRIST, INC.
THE SOUTH FLORIDA CHURCH OF CHRIST, INC. FINANCIAL STATEMENTS THE SOUTH FLORIDA CHURCH OF CHRIST, INC. FINANCIAL STATEMENTS TABLE OF CONTENTS PAGES Independent Auditor s Report 1 Statement of Financial
More informationHow To Be A Good Fundraiser
A Legal Checklist for Not-for-Profit Organizations This 10-point checklist is written to help busy charitable organizations stay on top of today s regulatory compliance requirements. For further information,
More informationNonprofit Legal Audit Checklist: Understanding & Complying with the Law
Nonprofit Legal Audit Checklist: Understanding & Complying with the Law Thursday, May 28, 2015, 10:00 a.m. 11:30 a.m. ET The Foundation Center, Washington, D.C. Speaker Carrie Garber Siegrist, Esq., Venable
More informationBringing Hospital Tax Exemption into the Modern Era: Why ACO Activities Should Be Tax-Exempt
Bringing Hospital Tax Exemption into the Modern Era: Why ACO Activities Should Be Tax-Exempt By Catherine E. Livingston and Gerald M. Griffith, Jones Day 36 AHLA Connections July 2015 Accountable care
More informationTHE NEW MINNESOTA LLC ACT
THE NEW MINNESOTA LLC ACT I. Forming a Minnesota LLC A. Considerations in New Statute 1. What is the purpose of creating an LLC? a) Limited liability b) Most investors and lenders require a single asset
More informationUnrelated Business Income Robyn Miller, Staff Attorney Pro Bono Partnership of Atlanta Tim Phillips, Senior Counsel, American Cancer Society
Unrelated Business Income Robyn Miller, Staff Attorney Pro Bono Partnership of Atlanta Tim Phillips, Senior Counsel, American Cancer Society September 15, 2010 Mission of Pro Bono Partnership of Atlanta:
More informationGetting Started in Community Economic Development: The CED Planning Process December 5, 2009 Brad Caftel Insight Center for Community Economic Development Insight Center Overview Formed in 1969, the Insight
More informationFinancial Statements June 30, 2014 Habitat for Humanity of Utah County
Financial Statements Habitat for Humanity of Utah County www.eidebailly.com Table of Contents Independent Auditor s Report... 1 Financial Statements Statement of Financial Position... 2 Statement of Activities...
More informationANNUAL TAX UPDATE & 2015 FORM 990 CHANGES 2/29/2016. March 1, 2016. Aaron Hershberger Director ahershberger@bkd.com
ANNUAL TAX UPDATE & 2015 FORM 990 CHANGES March 1, 2016 Aaron Hershberger Director ahershberger@bkd.com Jeanette Verrelli Senior Manager jverrelli@bkd.com 1 TO RECEIVE CPE CREDIT Participate in entire
More informationInvestment Objectives and Management
DISCLOSURE STATEMENT DESERET POOLED INCOME FUND The Corporation of the President of the Church of Jesus Christ of Latter-day Saints (the "Church") has created the Deseret Pooled Income Fund, (the "Fund")
More informationRESIDENTIAL PROPERTY TAX INCENTIVE PROGRAMS in New York City
RESIDENTIAL PROPERTY TAX INCENTIVE PROGRAMS in New York City A Guide to Basic Program Rules and Eligibility FEBRUARY 2011 ABOUT ENTERPRISE Enterprise is a leading provider of the development capital and
More informationSandra Pfau Englund, Esq. Pfau Englund Nonprofit Law, P.C. www.nonprofitlaw.com
The Legality of School Booster Clubs Engaging in Cooperative Fundraising Activities: A White Paper to Help Determine if Your Fundraising Activities are Legal Sandra Pfau Englund, Esq. Pfau Englund nprofit
More informationD. UPDATE ON HEALTH CARE JOINT VENTURE ARRANGEMENTS by Mary Jo Salins and Marvin Friedlander
D. UPDATE ON HEALTH CARE JOINT VENTURE ARRANGEMENTS by Mary Jo Salins and Marvin Friedlander 1. Introduction The 1999 CPE discussed whole hospital joint ventures and the impact of Rev. Rul. 98 15 on such
More informationM. PUBLICLY SUPPORTED ORGANIZATIONS
M. PUBLICLY SUPPORTED ORGANIZATIONS The term "publicly supported organizations" generally refers to organizations described in IRC 170(b)(1)(A)(vi) and 509(a)(2). The purpose of this paper is to discuss
More informationForm 990 and Tax Update Olivia A. Hutton, CPA
Form 990 and Tax Update Olivia A. Hutton, CPA Certified Public Accountants and Consultants Connecting depth and insight with community values. Your 990 should prove that you are: Organized and operated
More informationPaul Gordon Partner Hanson Bridgett
TOPICS Summer 2014 NON PROFIT < > FOR PROFIT COLLABORATION As highlighted in prior issues of TOPICS, the share of new senior living properties being developed by for profit sponsors has increased substantially.
More informationNonprofit Healthcare: What Does the Future Hold?
Nonprofit Healthcare: What Does the Future Hold? Milton Cerny 202.857.1711 mcerny@mcguirewoods.com 2001 K Street N.W., Suite 400 Washington, D.C. 20006-1040 Barton C. Walker 704.373.8923 bwalker@mcguirewoods.com
More informationThe Law Offices of Erika E. Cole, LLC
The Law Offices of Erika E. Cole, LLC 9433 Common Brook Road, Suite 208 Owings Mills, MD 21117 137 National Plaza, Suite 300 Oxon Hill, MD 20745 From: The Law Offices of Erika E. Cole, LLC; Erika E. Cole,
More informationLOW-INCOME HOUSING TAX CREDIT PROGRAM OVERVIEW
LOW-INCOME HOUSING TAX CREDIT PROGRAM OVERVIEW September 2015 TAX CREDIT OVERVIEW The credit is a 10-year tax incentive to encourage the development of residential rental housing at or below 60% of area
More informationPRIVATE ANNUITIES A VERSATILE
AMERICAN COLLEGE OF TRUST AND ESTATE COUNSEL NOVEMBER 10, 2002 PRIVATE ANNUITIES A VERSATILE ESTATE PLANNING TOOL PRESENTED BY: STEPHEN H. GARIEPY Stephen H. Gariepy Hahn Loeser + Parks, LLP 3300 BP Tower,
More informationPRIVATE FOUNDATION CAUTION: The purposes of this memorandum are to assist you, the directors of your private foundation, and your accountant in:
CHERRY CREEK CORPORATE CENTER 4500 CHERRY CREEK DRIVE SOUTH #600 DENVER, CO 80246-1500 303.322.8943 WWW.WADEASH.COM DISCLAIMER Material presented on the Wade Ash Woods Hill & Farley, P.C., website is intended
More informationAccepting Gifts Using a Single Member LLC May 31, 2013
Accepting Gifts Using a Single Member LLC May 31, 2013 Shannon Paresa, Of Counsel Rodriguez, Horii, Choi & Cafferata, LLP (213) 892-7700 shannon@rhcclaw.com Rebecca Bibleheimer, JD LLM US Bank Charitable
More informationConnecticut Housing Finance Authority
Connecticut Housing Finance Authority Low-Income Housing Tax Credit Guidelines 2015 Revised as of July 31, 2015 Table of Contents PREFACE... 2 I. BACKGROUND - LOW-INCOME HOUSING TAX CREDITS... 2 II. Pre-Application
More informationHLB North America Tax Conference NFP Update - November 20, 2013. Lynn O Marra, Esquire
HLB North America Tax Conference NFP Update - November 20, 2013 Lynn O Marra, Esquire Agenda Nonproft Facts IRS 2013 Exempt Organization Workplan Major Challenges Facing Nonprofits Focus Areas for Nonprofit
More informationLow-Income Housing Tax Credits and Planning for Year 15 Presenter Shawn Harrigan, CPA. real estate
Low-Income Housing Tax Credits and Planning for Year 15 Presenter Shawn Harrigan, CPA 1 Virginia Housing Coalition s Virginia Housing Credit Conference Year 15, Ready or Not, here it comes! 2 Overview
More informationHousing Tax Credit Essentials
Housing Tax Credit Essentials 1 Background Part of 1986 Tax Reform to encourage the construction and rehabilitation of low-income rental housing Contained in Section 42 of the tax code Emphasis on private
More informationTHE FEDERAL LOW-INCOME HOUSING TAX CREDIT AND HISTORIC REHABILITATION TAX CREDIT
THE FEDERAL LOW-INCOME HOUSING TAX CREDIT AND HISTORIC REHABILITATION TAX CREDIT This outline provides an overview of the federal low-income housing tax credit and historic rehabilitation tax credit. I.
More informationAsset Management Outcomes Logic Model Outcomes Asset Management Outcomes Indicators Activities Timing Frequency Who is Accountable Financial Management Process Roles Other Relevant Persons Mission/Housing
More informationSETTLEMENT HOUSING FUND, INC. AND AFFILIATES CONSOLIDATED FINANCIAL STATEMENT WITH INDEPENDENT AUDITOR'S REPORT DECEMBER 31, 2012
SETTLEMENT HOUSING FUND, INC. AND AFFILIATES CONSOLIDATED FINANCIAL STATEMENT WITH INDEPENDENT AUDITOR'S REPORT INDEPENDENT AUDITOR S REPORT Board of Directors Settlement Housing Fund, Inc. and Affiliates
More informationN. HOSPITAL FINANCING ISSUES (Adopted From a Speech by E. D. Coleman to the National Health Lawyers Association - Toronto, Canada, November 1984)
N. HOSPITAL FINANCING ISSUES (Adopted From a Speech by E. D. Coleman to the National Health Lawyers Association - Toronto, Canada, November 1984) 1. Introduction The National Office continues to see large
More informationApplying for 501(c)(3) Tax-Exempt Status
Internal Revenue Service Tax Exempt and Government Entities Exempt Organizations Applying for 501(c)(3) Tax-Exempt Status Why apply for 501(c)(3) status? Who is eligible for 501(c)(3) status? What responsibilities
More information501(c)(3) Hospitals: Proposed IRS Rules under 9007 of the Affordable Care Act
501(c)(3) Hospitals: Proposed IRS Rules under 9007 of the Affordable Care Act Erika K. Lunder Legislative Attorney Edward C. Liu Legislative Attorney July 27, 2012 CRS Report for Congress Prepared for
More informationTax-Exempt Housing Bond Basics
Tax-Exempt Housing Bond Basics This handout contains excerpts from the LIHTC Basics workshop presented by Novogradac & Company LLP. Contact Wayne Michael at wayne.michael@novoco.com, or 415.356.8073 for
More informationSubstitute Resolution Changes:
Substitute Resolution Changes: Changes Exhibit A Ballot Title o Updated MFI numbers for a family of four making 60% of median family income o Change in word from citizen to independent describing the oversight
More informationPASS-THROUGH SHORT-TERM BOND PROGRAM. (Debt Financing Under Section 44c of the Authority's Act)
PASS-THROUGH SHORT-TERM BOND PROGRAM (Debt Financing Under Section 44c of the Authority's Act) The Authority s Act permits the Michigan State Housing Development Authority (the Authority ) to participate
More informationPHADA s 2009 Commissioners Conference. San Diego, CA Monday, January 26, 2009
PHADA s 2009 Commissioners Conference San Diego, CA Monday, January 26, 2009 Low-Income Housing Tax Credit Advanced Issues George F. Littlejohn, CPA george.littlejohn@novoco.com Robert S. Thesman, CPA
More informationIncome Tax Issues Affecting Small Nonprofit Organizations
Income Tax Issues Affecting Small Nonprofit Organizations A free resource provided by the Virginia Society of Certified Public Accountants 2 Income Tax Issues Affecting Small Nonprofit Organizations A
More informationCOMMONLY ASKED BOND LAW QUESTIONS. www.bgllp.com Texas New York Washington, D.C. Connecticut Seattle Dubai London
COMMONLY ASKED BOND LAW QUESTIONS 1 Can a City issue general obligation bonds for economic development? Cannot issue general obligation bonds for economic development without an election Economic development
More informationUNRELATED BUSINESS INCOME REVIEW GUIDELINES. Three elements must be present for an activity to be considered unrelated to the University s taxexempt
BPM No. 42-03-90 Attachment C UNRELATED BUSINESS INCOME REVIEW GUIDELINES Under Internal Revenue Code Section 115, The University of Texas is tax-exempt as an instrumentality of the State of Texas (exemption
More informationInstructions for Schedule A (Form 990 or 990-EZ) Public Charity Status and Public Support
2009 Instructions for Schedule A (Form 990 or 990-EZ) Public Charity Status and Public Support Department of the Treasury Internal Revenue Service Section references are to the Internal Revenue Code unless
More informationfij IRS UIL: 501.33-00; 501.36-00 Department of the Treasury Internal Revenue Service P.O. Box 2508 Cincinnati, OH 45201
fij IRS Department of the Treasury Internal Revenue Service P.O. Box 2508 Cincinnati, OH 45201 Date: January 6, 2015 Employer ID number: Number: 201514013 Release Date: 4/3/2015 Contact person/10 number:
More informationmemorandum CC:TEGE:EOEG:EO2:DLMarshall POSTS-101470-09
Office of Chief Counsel Internal Revenue Service memorandum CC:TEGE:EOEG:EO2:DLMarshall POSTS-101470-09 UILC: 501.45-00 date: March 30, 2010 to: Steven Grodnitzky Acting Manager, EO Technical SE:T:EO:RA:T
More informationFerris Foundation Gift Acceptance Policies and Guidelines Updated September 15, 2014
Ferris Foundation Gift Acceptance Policies and Guidelines Updated September 15, 2014 The Ferris Foundation, a private nonprofit corporation existing under and by virtue of the Michigan Nonprofit Corporation
More informationHow To Avoid Conflicts Of Interest
SQN AIF IV, L.P. Units of Limited Partnership Interests at $1,000 per Unit Minimum Offering Proceeds 1,200 Units ($1,200,000) Maximum Offering Proceeds 200,000 Units ($200,000,000) We are SQN AIF IV, L.P.,
More informationInstructions for Schedule A (Form 990 or 990-EZ)
2010 Instructions for Schedule A (Form 990 or 990-EZ) Public Charity Status and Public Support Department of the Treasury Internal Revenue Service Section references are to the Internal Revenue Code unless
More informationJuly 29, 2009 MORTGAGEE LETTER 2009-24 TO: ALL FHA-APPROVED MULTIFAMILY MORTGAGEES. SUBJECT: Housing Tax Credit Coordination Act of 2008
July 29, 2009 MORTGAGEE LETTER 2009-24 TO: ALL FHA-APPROVED MULTIFAMILY MORTGAGEES SUBJECT: Housing Tax Credit Coordination Act of 2008 On July 30, 2008, the Housing and Economic Development Recovery Act
More informationInstructions for Schedule L (Form 990 or 990-EZ)
2010 Instructions for Schedule L (Form 990 or 990-EZ) Transactions With Interested Persons Department of the Treasury Internal Revenue Service State whether the transaction has been Section references
More informationGUIDE TO FORMING A CHARITABLE, TAX-EXEMPT, NONPROFIT CORPORATION IN CALIFORNIA
PUBLIC COUNSEL COMMUNITY DEVELOPMENT PROJECT FEBRUARY 2013 UPDATE GUIDE TO FORMING A CHARITABLE, TAX-EXEMPT, NONPROFIT CORPORATION IN CALIFORNIA 2001 Public Counsel WWW.PUBLICCOUNSEL.ORG/PRACTICE_AREAS/COMMUNITY_DEVELOPMENT
More informationLegal Issues for Grantmaking Professionals March 7, 2013 Delaware Valley Grantmakers, SGP series. Copyright 2013 Laura Solomon & Associates
Legal Issues for Grantmaking Professionals March 7, 2013 Delaware Valley Grantmakers, SGP series Copyright 2013 Laura Solomon & Associates GOAL REVIEW CRITICAL LEGAL ISSUES FOR GRANTMAKING PROFESSIONALS
More informationSCCE Higher Education Compliance Conference
1 SCCE Higher Education Compliance Conference IRS Compliance Project: Findings, Examinations, and Mock-Audits June 13 th, 2011 Presenters Monica Modi Dalwadi, CPA, CIA, CFE Senior Manager Baker Tilly Virchow
More informationFunding Charitable Remainder Trusts with Complex Assets. David Wheeler Newman
Funding Charitable Remainder Trusts with Complex Assets David Wheeler Newman Opportunities to develop large charitable remainder trusts often involve funding those trusts with assets other than cash or
More informationHow to Avoid Ten IRS Land Mines for Nonprofit Charities
How to Avoid Ten IRS Land Mines for Nonprofit Charities The drive to increase revenue leads many nonprofit organizations to start up business activities. Easy profits are expected, but tax traps waiting
More informationMutual Benefit Corporation May be formed for any lawful purpose (e.g., Homeowner s Association).
Forming a Charitable Tax-Exempt Nonprofit Corporation in California Christian Cañas Staff Attorney Community Development Project Intake: (213) 385-2977 x 200 www.publiccounsel.org Disclaimer: This presentation
More informationWashington State Housing Finance Commission. Nonprofit Guide to Complying with Tax Laws After the Bond Issue
Washington State Housing Finance Commission Nonprofit Guide to Complying with Tax Laws After the Bond Issue After your bond issue is complete, there are some important Internal Revenue Service ( IRS )
More informationMichiana Public Broadcasting Corporation. Consolidated Financial Report with Additional Information September 30, 2014
Consolidated Financial Report with Additional Information September 30, 2014 Contents Report Letter 1-2 Consolidated Financial Statements Statement of Financial Position 3 Statement of Activities and Changes
More informationNEW MARKETS TAX CREDIT PROGRAM SUMMARY
NEW MARKETS TAX CREDIT PROGRAM SUMMARY Introduction The New Markets Tax Credits (NMTC) program was enacted in December 2000 to facilitate investments that generate employment and other community benefits
More informationUnrelated Business Income Taxes (UBIT), Weill Cornell Medical College - Qatar
INTERIM Issued: June 4, 2004 CORNELL UNIVERSITY POLICY LIBRARY Unrelated Business Income Taxes (UBIT), Weill Cornell Medical College - Qatar POLICY 3.15.2 Responsible Executive: Dean, POLICY STATEMENT
More informationInstructions for Schedule L (Form 990 or 990-EZ)
2011 Instructions for Schedule L (Form 990 or 990-EZ) Transactions With Interested Persons Department of the Treasury Internal Revenue Service Section references are to the Internal do so, it must file
More information4.76.23 Small Insurance Companies or Associations IRC 501(c)(15)
US Captive Insurance Company Income Tax Audit Guidelines, Captive Foreign Corporation Tax Audit Guidelines, and Captive Liquidation Tax Audit Guidelines Issued by the IRS (offered by Tom Cifelli, data
More informationTax Exemption Challenge
Tax Exemption Challenge Improving Governance Practices Audit & Compliance Committee Academy September 20-22, 2006 Orlando World Marriott Resort Orlando, FL Presented By: David B. Orbuch Daniel R. Roach
More informationCombining Tax Exempt, Short-Term Bonds with Taxable GNMA Sale and 4% LIHTCs for Affordable Apartment Financings
SWAC Southwest LIHTC Workshop Dallas, TX September 22, 2015 Combining Tax Exempt, Short-Term Bonds with Taxable GNMA Sale and 4% LIHTCs for Affordable Apartment Financings Kent Neumann, Esq. Partner Eichner
More informationConflict of Interest - Generalizisions
Hawai`i Association for College Admission Counseling CONFLICT OF INTEREST POLICY As approved by the Executive Board: effective August 29, 2011 ARTICLE I. PURPOSE 1. To protect this tax-exempt organization
More informationVeterans Organizations: Help from the IRS on Key Issues. Cheryl Teser & Peter Lorenzetti Exempt Organizations
Veterans Organizations: Help from the IRS on Key Issues Cheryl Teser & Peter Lorenzetti Exempt Organizations Today s Speakers Cheryl Teser EO Fed/State Liaison Peter Lorenzetti Northeast Area Manager 2
More informationInstructions for Schedule K (Form 990)
2011 Instructions for Schedule K (Form 990) Supplemental Information on Tax-Exempt Bonds Department of the Treasury Internal Revenue Service Section references are to the Internal Revenue Code unless otherwise
More informationHUEY & ASSOCIATES, P.C. NON-PROFIT TAX ORGANIZER - 990
HUEY & ASSOCIATES, P.C. NON-PROFIT TAX ORGANIZER - 990 ORG1 Please fill out the information below unless it is not applicable to your organization. Organization Information: Organization Name: Address:
More informationComparison of the Requirements Applicable to Delaware Public Benefit Corporations ( PBCs ), B Corporations, and 501(c)(3) Tax-Exempt Entities
Comparison of the Requirements Applicable to Delaware Public Benefit ( PBCs ),, and This summary is intended for reference purposes only and is not an exhaustive description of the legal and other requirements
More informationFlorida International University
Florida International University Finance Managers Meeting September 24, 2013 1 Finance Managers Meeting Agenda AGENDA Budget Update Kenneth Jessell Activity Number & Department Hamza Lazrak & Ana Pineda
More informationNote: Page 1 of 6 Instructions for Form CHAR500 (rev. 2010)
New York State Department of Law (Office of the Attorney General) Charities Bureau - Registration Section Instructions for Form CHAR500 Annual Filing for Charitable Organizations www.charitiesnys.com Contents:
More informationH. IRC 501(c)(3) - SUBSTANTIALLY BELOW COST
H. IRC 501(c)(3) - SUBSTANTIALLY BELOW COST 1. Introduction Organizations that desire recognition of exemption under IRC 501(c)(3) must demonstrate that they are organized and operated exclusively for
More informationGA-511 Unrelated Business Income Tax Prepared By: Associate Controller, Disbursements & Taxation Approved By: Brian Laffey Effective Date: 01/01/2011
GA-511 Unrelated Business Income Tax Prepared By: Associate Controller, Disbursements & Taxation Approved By: Brian Laffey Effective Date: 01/01/2011 Purpose Illinois Institute of Technology (IIT) is a
More informationHow To Account For Health Care Organizations
Chapter 17 Accounting for Health Care Organizations McGraw-Hill/Irwin Copyright 2010 by The McGraw-Hill Companies, Inc. All rights reserved. Learning Objectives After studying Chapter 17, you should be
More informationInternal Revenue Service Tax Exempt and Government Entities Exempt Organizations. Applying for 501(c)(3) Tax-Exempt Status
Internal Revenue Service Tax Exempt and Government Entities Exempt Organizations Applying for 501(c)(3) Tax-Exempt Status 01 Why apply for 501(c)(3) status?... 2 Who is eligible for 501(c)(3) status?....
More informationTHE REGULATION OF PUBLIC CHARITES AND PRIVATE FOUNDATIONS IN HAWAII. By: Hugh.R.Jones i
THE REGULATION OF PUBLIC CHARITES AND PRIVATE FOUNDATIONS IN HAWAII By: Hugh.R.Jones i There are over 5,000 public charities and private foundations in Hawaii according to Internal Revenue Service data.
More informationNonprofit Organizations Committee Legal Quick Hit:
Nonprofit Organizations Committee Legal Quick Hit: Tax-Exempt Financing for Tax-Exempt Organizations: Is Your Nonprofit Eligible, and Do the Benefits Outweigh the Costs? MODERATOR: JEFFREY S. TENENBAUM,
More informationU.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Special Attention of All Multifamily Hub Directors Notice H 2011-05
More informationTrend. of Government Contracting by Nonprofits. BY R. Michael Sorrells and Kurt M. Miller
TheRising Trend of Government Contracting by Nonprofits BY R. Michael Sorrells and Kurt M. Miller 12 Contract Management June 2009 An examination of what comprises a nonprofit entity, some basics and unique
More informationWhat to Consider Before Allowing a Third Party to Use Real Property. Introduction
What to Consider Before Allowing a Third Party to Use Real Property Introduction Most church organizations will at one time or another be approached by an individual or organization wanting to use or lease
More information4 a (Code: ) (Expenses $ 184,481 including grants of $ ) (Revenue $ 5,645 ) 4 c (Code: ) (Expenses $ 24,587 including grants of $ ) (Revenue $ 0 )
Form 990 (2013) Page 2 Part III Statement of Program Service Accomplishments Check if Schedule O contains a response or note to any line in this Part III............. 1 Briefly describe the organization
More informationE. "SPONSORING ORGANIZATIONS" UNDER USDA CHILD AND ADULT CARE FOOD PROGRAM by Terrell Berkovsky and Amy Henchey
E. "SPONSORING ORGANIZATIONS" UNDER USDA CHILD AND ADULT CARE FOOD PROGRAM by Terrell Berkovsky and Amy Henchey 1. Introduction In recent months, the National Office has reviewed numerous applications
More informationJournal. of Health Law. Intermediate Sanctions Flow Charts NOTES AND COMMENTS. Joseph C. Mandarino. Winter 2003 Volume 36, No. 1
Journal of Health Law Winter 2003 Volume 36, No. 1 TES AND COMMENTS Intermediate Sanctions Flow Charts Joseph C. Mandarino Intermediate Sanctions Flow Charts TES AND COMMENTS Intermediate Sanctions Flow
More informationNot-For-profit Law Research Guide
Not-For-profit Law Research Guide H. Douglas Barclay Law Library Syracuse University College of Law Prepared by the Public Services Department NOT-FOR-PROFIT LAW RESEARCH GUIDE INTRODUCTION What is Not-For-Profit
More informationThe Basics of Tax Preferred Retirement Programs for Colleges and Universities
The Basics of Tax Preferred Retirement Programs for Colleges and Universities Central Association of College and University Business Officers Winter Workshop Jeffrey D. Frank Shawna M. Jimenez February
More informationRental Housing For The Elderly - A Primer
M. HOUSING FOR SENIOR CITIZENS 1. Introduction The purpose of this section is to provide some basic knowledge of the provisions limiting and regulating organizations that provide rental housing for senior
More information