In these rulings, a charity sought permission to invest assets of charitable remainder trust assets for which it was both trustee and remainder beneficiary in its endowment pool using the approach set out in the October 2003 Harvard rulings described above. The charity’s objectives were to reduce trust management costs, achieve higher trust investment returns, and diversify the trusts’ assets. read more »
Unrelated business income (UBI) is an unwelcome notion for charities since it requires the tax-exempt entity to pay unrelated business income tax (UBIT). It also has implications for planners, since gifts of assets generating UBI may have negative effects on gift results. read more »
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New surgical pavilion offers exciting
giving opportunity
When Advocate Good Samaritan Hospital's new surgical pavilion opens this summer, it will feature three "integrated operating rooms." These high-tech ORs are outfitted with imaging machines that enable surgeons to get almost-instant access to vital MRIs, CT scans and digital Xrays that let them know what else may be going on inside a patient's body. Surgeons can also send images out to colleagues for additional opinions–even to their hand-held PDAs. The hospital hopes to integrate the remaining 12 operating rooms, at a cost of approximately $60,000 each. For information about how your clients can use a planned gift to help Good Samaritan achieve its goal of 100 percent integration, please contact Marilyn Schaffer at 847-384-3424.
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Save the Date: October 11th, 8:00 - 10:30 a.m.
"Dealing with aging clients: capacity vs. incapacity" will be the topic of the Advocate Health Care Advisor Alliance's inaugural breakfast program, to be held Thursday, October 11th, at 8:30 a.m. The keynote speaker will be the Honorable Patrick T. Murphy, who served as Cook County's public guardian for 25 years. The program will include a panel discussion moderated by Joel Weisman, host and senior editor of Channel 11's "Chicago Tonight: The Week in Review." The location is to be determined; an invitation will follow.
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The IRS Exempt Organizations division has announced a five-part compliance series designed for small to mid-size charities with no internal compliance experts. read more »
The positive public response to the Pension Protection Act’s two-year window allowing taxpayers age 70 ½ to make lifetime transfers of up to $100,000 to most public charities has prompted new legislation that would expand and extend this opportunity.read more »
The Treasury Inspector General for Tax Administration (TIGTA) recently released a report and recommendations on noncash gift compliance following a review of nine months of noncash gift transactions. read more »
