L3C Development and Resources

NCRP Criteria for Philanthropy at its Best

Increasing Payment Charitable Lead Annuity Trust
A charitable lead annuity trust (CLAT) is an irrevocable split-interest trust in which the income interest is to be paid over to one or more charitable organizations, in the form of an annuity, and the remainder interest is to be paid over to one or more noncharitable beneficiaries.  Typically, CLATs are designed to provide an annual payment that is level throughout the trust term - either a stated amount or percentage of the value of the initial trust corpus.  But according to attorney Jerry McCoy, an expert on charitable tax planning, unlike the case with a charitable r

Charitable Planning Today: Legislative Update Plus - Jerry McCoy
On October 21, 2009, I attended a program of the Northern California Planned Giving Council titled Charitable Planning Today: Recent Developments, Pending and Proposed Legislation, and Other Things You Should Keep in Mind presented by Jerry J. McCoy.  Here are some of the highlights: Treasury's report to Congress regarding donor-advised funds (DAFs) and supporting organizations (SOs) remains past due.  Among the items to be covered by this report: Whether deductions are appropriate for contributions to DAFs and SOs. Whether a minimum distribution requirement should be imposed on DAFs.

Fiscal Sponsorship Revisited
On October 1, 2009, I joined two esteemed exempt organization attorneys, Greg Colvin and Jill Dodd, in a panel discussion on fiscal sponsorship for the National Network of Fiscal Sponsors (NNFS) Annual Gathering.  This is a fascinating area that holds great promise for philanthropy and social entrepreneurs, but first there are hurdles for the field to overcome.A poorly defined term.Fiscal sponsorship is not a legally defined term and describes a number of varying contractual relationships that have through custom and practice developed between "sponsors" and "projects."  There is, however, a p

Top 5 Compliance Problems for 501(c)(3) Organizations
IRS exempt organizations audit manager Joe Kroll spoke at a program for the Bar Association of San Francisco yesterday and discussed five common ways charitable organizations jeopardize their 501(c)(3) tax-exempt status. Private inurement / private benefit. Lobbying and political activity.  Filing requirements.  Small 501(c)(3) organizations that have not previously filed Form 990 or Form 990-EZ may be required to electronically file Form 990-N.  Failure to file for three consecutive years will result in revocation of exempt status. Unrelated business activit

IRS Exempt Organizations Audit Manager To Speak in SF on October 1
The Pro Bono Issues Committee, Barrister Club of the Bar Association of San Francisco is presenting a program on Tax Issues Affecting Nonprofits and the IRS on Thursday, October 1 from noon to 1:30 p.m.  The program features popular speaker and IRS Exempt Organizations Audit Manager Joe Kroll.Mr. Kroll will be covering the following topics among others: How charities get in trouble How to avoid an IRS audit  Issues raised by the new Form 990  The cost to attend is only $10 if you are affiliated with a nonprofit or  are a student.  Prices increase by $10 on the day of