Protecting Assets of a Separate Supporting Foundation

The philanthropic sector includes much more than the simple model of a single 501(c)(3), publicly supported, charitable organization. A fairly common variation, especially for prominent community institutions, is to establish a separate organization which goal it is to support the main charity.  Indeed, it is created and exists “solely to support one specific nonprofit corporation.” The Internal Revenue Service Read More

Foundations of Public Universities: Too Secretive?

They have been called “‘slush funds’ and ‘shadow corporations’ that too often operate in secrecy, ….”   “Public officials are raising questions about the spending practices of the nonprofit fundraising arms of public universities,” according to the Council of Nonprofits. They control huge amounts of money with little accountability. Recently, in at least two states - North Carolina and Connecticut - this issue has Read More