When family foundations are forced to move on from the founding generation, it is a time rife for fights over who will control the organization. The William Davidson Foundation, founded by William Davidson, a businessman and owner of the Detroit Pistons basketball team, is facing these growing pains. A petition to split the $1 billion …
Posts Categorized: News
IRS Suspends Exempt Orgs Head
Yesterday Lois Lerner, the head of the IRS division on exempt organizations, refused to answer questions at a congressional hearing. Today the IRS put her on an indefinite administrative leave. This comes in response to the Senate Permanent Subcommittee on Investigations demanding her immediate suspension. Right now it’s not clear whether the suspension will lead …
Google Tests a New Giving App
Do you think Google can change the world one $1 donation at a time? It’s trying to do just that with One Today, its new mobile application that enables people to contribute $1 to any highlighted charitable project of their choice. The app features a different project every day and allows donors to share their …
Free Nonprofit Financial Workshop on May 21
Do you feel lost when reviewing your nonprofit’s financial reports? Education will help you conquer your financial trepidation and accounting firm Green Hasson Janks‘ upcoming workshop is a great place to start. The workshop will share tips and best practices for engaging your board and staff in the financial aspects of your organization. In addition, …
Death Knell Approaches for Some Nonprofits
May 15 is almost here. This is the deadline by which, if an organization is on the calendar year, it must file its IRS Form 990-series information return. If an exempt organization didn’t file its 990-series form for 2010 and 2011, missing this year’s deadline could be its final act as an exempt organization. Almost …
IRS Releases Report on Colleges and Universities Study
In 2008, the IRS conducted a survey of colleges and universities in a number of areas including executive compensation and unrelated business income. About 400 organizations received the survey. Based on the questionnaire responses, the IRS decided to open further investigations into 34 of the surveyed colleges and universities. The results were shocking. A large …