Is this for the Children too?
I wonder if the excesses of the United Way and the Red Cross executives has any currency here?
Chronicle: Nonprofits Pay Zero Tax on Billions of Unrelated Business Income
The Chronicle of Philanthropy reviewed the Form 990s for 91 nonprofit organizations — including Columbia, Emory, Harvard, Indiana, Johns Hopkins, MIT, Minnesota, Penn, Stanford, UC-Berkeley, USC, and Yale — and found that the organizations reported $412.9 million of income from unrelated business activities, but 46 (51%) reported zero tax liabilities:
[snip]… But the finding may verify longstanding concerns of the IRS that current rules on unrelated-business income tax, known as UBIT, may allow “excess flexibility” for charities…[snip]
[snip]…some lawmakers worried that existing rules are not working to put charities and companies on a level playing field.
Yup, they’re worried about it, doing anything will put a big dent in campaign donations.
Keep moving people, nothing you need to know here!
Archived in: Congress, Income Tax, Indiana, TaxationJanuary 22, 2008 at 8:23 am | Trackback
2 comments
Worried about it. A temporary facial expression consisting of downcast mouth, furrowed brow and audible sighs. The process behind this curtain is actually a calculation about lunch, drinks, and the availability of that cute intern in the plaid skirt and black leotard. I’ll bring the saws and posts, someone else get the nails and rope.
I’m going to change my status to non-profit citizen. i am clearly making no money since they take it all. Then i’ll be able to afford a 1BR apartment.