Philanthropy, Volunteerism, and Charity
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Helping Your Clients Achieve Their Philanthropic Goals
HELPING YOUR CLIENTS ACHIEVE THEIR PHILANTHROPIC GOALS MARVIN E. BLUM, JD/CPA THE BLUM FIRM, P.C. [email protected] 777 Main Street, Suite 700 Fort Worth, Texas, 76102 (817) 334-0066 October 26, 2016 www.theblumfirm.com © 2016, The Blum Firm, P.C. All rights reserved. Helping clients achieve their charitable planning goals is a labor of love. Talking with them breaks down into Who, When, How, What, and Why. WHO: Which clients do you talk with about this? WHEN is the right time for this conversation? HOW do you present the information? WHAT techniques do you discuss? WHY should clients consider including charitable planning in their estate plan? WHY should advisors bring it up? 1 WHO? Which clients do you talk with about charitable planning? Everyone, not just the mega wealthy. The techniques may differ, but everyone can include charitable planning in their estate plan. Talk to clients who already give to charity each year or regularly tithe. They may want the charities they care about remembered at their death. Talk with your clients who have already provided for their families. Those who have already done gift planning to set aside for their family may be more receptive to providing for the community. 2 Talk with clients with high-wage-earning children. Children who are financially independent are less in need of an inheritance. There’s a growing population of clients with no children. Encourage them to find what’s meaningful to them. 3 WHEN? When is the right time to talk with your client about this? Not too early in the relationship with your client. -
It's Not Voluntourism”: Unpacking Young People's Narrative Claims to Authenticity and Differentiation in the International Volunteer Experience
“It's Not Voluntourism”: Unpacking Young People's Narrative Claims to Authenticity and Differentiation in the International Volunteer Experience Kaylan C. Schwarz Newnham College July 2016 This dissertation is submitted for the degree of Doctor of Philosophy Faculty of Education - University of Cambridge Declaration This dissertation is the result of my own work and includes nothing which is the outcome of work done in collaboration except as declared in the Preface and specified in the text. It is not substantially the same as any that I have submitted, or, is being concurrently submitted for a degree or diploma or other qualification at the University of Cambridge or any other University or similar institution except as declared in the Preface and specified in the text. I further state that no substantial part of my dissertation has already been submitted, or, is being concurrently submitted for any such degree, diploma or other qualification at the University of Cambridge or any other University of similar institution except as declared in the Preface and specified in the text. It does not exceed the prescribed word limit of 80,000 words. Kaylan C. Schwarz Acknowledgements This thesis is indebted to the intellectual guidance and emotional encouragement of my brilliant supervisor and mentor, Dr. Hilary Cremin. Throughout the constant metamorphosis of this project, your key insights, constructive feedback, on-going collegiality and unremitting confidence in my abilities have enabled me to find my voice as a scholar. To my remarkable husband Ryan, who has continuously embraced my compulsion toward academic inquiry. You never flinched at the sacrifices you would be asked to make in order to support me in this journey (my extended absences, the financial strain, single parenting our French bulldog). -
Running Your Own Charity: Legal Basics of Private Foundations
Running Your Own Charity: Legal Basics of Private Foundations BOSTON | CONNECTICUT | FLORIDA | NEW JERSEY | NEW YORK | WASHINGTON, DC | www.daypitney.com Table of Contents PAGE 4 OVERVIEW PAGE 7 TRANSACTIONS WITH DISQUALIFIED PERSONS: SELF-DEALING PAGE 7 Sale, Exchange, or Leasing of Property PAGE 7 Lending of Money or Other Extension of Credit PAGE 8 Furnishing of Goods, Services, or Facilities PAGE 8 Payments of Compensation or Expenses PAGE 9 Other Transfer or Use of the Income or Assets of a Private Foundation PAGE 9 Payments to Government Officials PAGE 11 MANDATORY DISTRIBUTIONS PAGE 12 EASY DISTRIBUTIONS, HARDER DISTRIBUTIONS, AND TAXABLE EXPENDITURES PAGE 12 Grants to Organizations PAGE 12 The New Exception: Grants to “Type III” Supporting Organizations That Are Not “Functionally Integrated” Are Not Qualifying Distributions and Are Taxable Expenditures PAGE 14 Grants to Individuals PAGE 14 Expenditures for Non-Charitable Purposes PAGE 14 Influencing Legislation PAGE 15 Influencing Elections and Carrying On Voter Registration Drives PAGE 15 Penalties for Taxable Expenditures PAGE 16 EXCESS BUSINESS HOLDINGS PAGE 17 JEOPARDIZING INVESTMENTS PAGE 19 INVESTMENT INCOME TAX PAGE 20 FEDERAL TAX RETURN FILING AND PUBLICITY REQUIREMENTS PAGE 21 APPENDIX DAY PITNEY LLP LEGAL BASICS OF PRIVATE FOUNDATIONS 3 Running Your Own Charity: Legal Basics of Private Foundations IRS Circular 230 Notice: Any tax advice provided herein (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties that may be imposed on any taxpayer. OVERVIEW Private foundations are exempt from federal income It helps to understand the rationale behind the rules. -
A Potpourri of Charitable Planning Tricks and Traps
A Potpourri of Charitable Planning Tricks and Traps Lawrence P. Katzenstein Thompson Coburn, LLP One U.S. Bank Plaza St. Louis, MO 63101 (314) 552-6187 [email protected] Lawrence Katzenstein is a nationally known authority on estate planning and philanthropic planning, and advises planned giving programs at institutions nationwide. He is a frequent speaker on professional programs, appearing annually on several American Law Institute estate planning programs, and has spoken at many other national tax institutes, including the Notre Dame Tax Institute, the University of Miami Heckerling Estate Planning Institute and the Southern Federal Tax Institute. Mr. Katzenstein has served as an adjunct professor at the Washington University School of Law where he has taught both estate and gift taxation and fiduciary income taxation. A former chair of the American Bar Association Tax Section Fiduciary Income Tax Committee, he is also active in the American College of Trust and Estate Counsel (ACTEC) charitable planning committee. Mr. Katzenstein was named the St. Louis Non-Profit/Charities Lawyer of the Year in 2011 and 2015, and the St. Louis Trusts and Estates Lawyer of the Year in 2010 and 2013 by Best Lawyers in America® and was nationally ranked in the 2009-2018 editions of Chambers USA for Wealth Management. He serves on the advisory board of the National Center on Philanthropy and the Law at New York University. Mr. Katzenstein is also the creator of Tiger Tables actuarial software, which is widely used around the country by tax lawyers and accountants. He received his undergraduate degree from Washington University in St. -
General Explanation of Charitable Remainder Trusts and Private Foundations
General Explanation of Charitable Remainder Trusts and Private Foundations THE USE OF CHARITABLE TRUSTS can provide investment diversification without taxable gain, a larger stream of income during life, and an income tax deduction to the maker of the charitable trust. There is considerable flexibility in designing charitable remainder trusts and they are especially attractive to high net worth individuals who wish to use them in connection with their own private foundation which, in effect, passes control of the transferred assets to the next generation for their continued charitable purposes. CHARITABLE REMAINDER TRUSTS There are two basic types of charitable remainder trust: the “charitable remainder annuity trust” (CRAT) or a “charitable remainder unitrust” (CRUT). The difference between the two types of charitable remainder trusts is that in an “annuity trust” the annuity paid to you by the trust is based on a fixed percentage of the trust assets valued at the time the assets were contributed to the trust. You would continue to receive this fixed annuity amount for the rest of your life, A “unitrust’ is designed so that the trust assets would be valued each year and you would receive a fixed percentage of the changing value of the trust as it grows (or decreases) from year to year. In other words, the “annuity trust” is a fixed annuity and the “unitrust” is a variable annuity. The payout percentages to you may be at different interest rates (i.e., 6%, 7%, 8%, 9% and 10%). You can choose any of these rates; however, the greater the amount you retain as an annuity from the trust (whether a “unitrust” or an “annuity trust”), the less will ultimately pass to charity and the lower your income tax deduction for your gift to the charitable remainder trust. -
Audit Technique Guide – Fundraising Activities
Audit Technique Guide – Fundraising Activities Introduction This guide addresses examining tax exempt organization fundraising and provides: Background information Audit guidelines Audit techniques Audit procedures This guide is not all-inclusive and doesn’t intend to limit agents to identifying issues or using techniques not listed in this guide. For information on fundraising issues involving political organizations, see the Audit Technique Guide for Political Organizations. For information on fundraising issues involving gaming activities, see the Audit Technique Guide for Organizations Conducting Gaming Activities. This manual is organized into five sections: Background information Activities (professional fundraisers, fundraising events, internet fundraising) Records (solicitations, disclosures, cash contributions, non-cash contributions) Reporting (Form 990-EZ, Form 990: Core Return, Schedule G, Schedule M, Form 990-PF, Form 990-T) Audit procedures (pre-audit, field/OCEP, penalty considerations, case closing) Background Most, if not all, tax exempt organizations need money. Many exempt purposes can only be achieved via the application of money. Thus, large numbers of organizations devote significant resources to acquiring money. These organizations use various methods to obtain funds, ranging from selling a product or service, conducting a fundraising event, to just asking for money. Traditional methods of obtaining funds include soliciting donors via the mail, phone calls, newspapers, radio, television, and now via the Internet. Organizations have become creative over the years, conducting activities and events, such as the sales of foodstuffs, car washes, raffles, casino nights, auctions, and pledge drives, evolving towards more sophisticated ways to fundraise, such as targeting solicitations, using patronage levels, crowd-funding, and tax planning, such as conservation easements, lending arrangements, and charitable gift annuities. -
Million Dollar List – Scaling Philanthropy Methodology and Summary Statistics
Million Dollar List – Scaling Philanthropy Methodology and Summary Statistics Una Osili Indiana University School of Philanthropy [email protected] School of Philanthropy Research Project Team: Jason Ward Sindhu Raghavan Reema Bhakta Michael Copple Elizabeth Farris Shannon Neumeyer Cynthia Hyatte Abstract This paper provides an explanation of the methodology behind the Million Dollar List, a unique dataset providing gift-level data on million dollar-plus charitable donations. It further provides summary statistics based on data between 2000 and 2010. Initial research into the MDL has produced a number of noteworthy findings. Million dollar giving by individuals tends to be greater on a gift-to-gift basis than that of foundations and corporations. We also find that gifts to higher education institutions dominate the number of gifts received, but these gifts tend to be relatively small as a fraction of total dollars given on the MDL. There are significant differences in per capita giving and receiving by state, due in large part to the geographic dispersion of large foundations and nonprofits. There are numerous opportunities for future studies using the MDL data, including detailed investigations into donor networks, gift dispersion based on source of donor wealth, and a study of institutional characteristics that attract million dollar plus gifts. 1 Indiana University School of Philanthropy Every culture depends on philanthropy and nonprofit organizations to provide essential elements of a civil society. Effective philanthropy and nonprofit management are instrumental in creating and maintaining public confidence in the philanthropic traditions – voluntary association, voluntary giving, and voluntary action. The Indiana University School of Philanthropy (formerly the Center on Philanthropy) increases the understanding of philanthropy and improves its practice through programs in research, teaching, public service, and public affairs. -
Networks Join Forces for Star-Studded Hurricane Harvey
Networks Join Forces for Star-Studded Hurricane Harvey Telethon http://www.hollywoodreporter.com/news/networks-join-forces-hurricane-harvey-telethon-featuring- george-clooney-beyonce-others-1035149 TV Stations' Hurricane Relief Efforts in Full Force http://www.broadcastingcable.com/news/local-tv/tv-stations-hurricane-relief-efforts-full-force/168296 Tegna Launches Group-Wide Texas Relief Effort http://www.tvnewscheck.com/marketshare/2017/08/29/tegna-launches-relief-effort-to-help-texas/ Disney Donates $1 Million to Storm Recovery Efforts, KTRK (Houston) and Other Disney Outlets Plan On- Air Fundraising Effort http://variety.com/2017/biz/news/hurricane-harvey-disney-donates-1-milion-to-storm-recovery- efforts-1202541474/ Sinclair Cares Teams Up With The Salvation Army On Sinclair "Standing Strong For Texas" Relief Effort; Sinclair To Match First $100,000 Donated http://markets.businessinsider.com/news/stocks/Sinclair-Cares-Teams-Up-With-The-Salvation-Army- On-Sinclair-Standing-Strong-For-Texas-Relief-Effort-Sinclair-To-Match-First-100-000-Donated- 1002292601 Nexstar Media Group Raises over $2.5 Million for Hurricane Harvey Relief, Expands Company-Wide Local Community Fundraising Initiative http://www.businesswire.com/news/home/20170906005248/en/Nexstar-Media-Group-Raises-2.5- Million-Hurricane Meredith TV stations Harvey fundraising efforts http://www.nab.org/documents/newsRoom/pdfs/090517_Meredith_stations_Harvey.pdf CBS’s KTVT-TV (Dallas) and Cowboys planning telethon to help Houston https://sportsday.dallasnews.com/dallas-cowboys/cowboys/2017/08/28/cowboys-channel-11-planning- telethon-help-houston Raycom Media’s WXIX-TV (Cincinnati) partners with American Red Cross for hurricane relief telethon http://www.cincinnati.com/story/news/2017/08/28/fox-19-now-partners-american-red-cross- hurricane-relief-telethon/610352001/ E.W. -
Soundscapes of Disaster and Humanitarianism: Survival Singing, Relief Telethons, and the Haiti Earthquake
Soundscapes of Disaster and Humanitarianism: Survival Singing, Relief Telethons, and the Haiti Earthquake Elizabeth McAlister ,]LY`IVK`ZH`Z[OLLHY[OX\HRLZ[HY[LK^P[OZV\UK-VY[OPY[`Ä]LZLJVUKZHKLHMLUPUNYVHY ÄSSLK[OLHPY0[ZV\UKLKHZPMHWSHUL^HZSHUKPUNVU[OLYVVM0[WV\UKLKSPRLZVTLIVK`^HZ \ZPUNHQHJROHTTLYPUZPKL[OLOV\ZL;OLNYV\UKZOVVRHUKI\PSKPUNZJVSSHWZLK4PSSPVUZVM WLVWSLZJYLHTLKH[VUJL¸;OLJSHTVYVM[OV\ZHUKZVMSV\KZJYLHTZVM[LYYVYHUKJYPLZVM WHPUHYPZLHZPMMYVTHZPUNSLZ[VTHJO¹@HUPJR3HOLUZ^V\SK^YP[L1 0Z[VVKH[HUHUN\PZOLKYLTV]LHZ[OL^VYZ[KPZHZ[LYPU[OL(TLYPJHZZ[Y\JR[OLJLU[LY VM/HP[PVU1HU\HY`(ZHU(TLYPJHU0^HZYLK\JLK[V^H[JOPUNHUKSPZ[LUPUNMYVTH KPZ[HUJL^P[OT`/HP[PHUWHY[ULYHUKV\YJOPSKYLU0[PZHZ\YYLHSWLYZWLJ[P]LHZTHU`RUV^ 0[PZHSZVVUL[OH[PZTHKLWVZZPISLI`KPNP[HS[LJOUVSVN`:\ZHU:VU[HN^YP[LZ[OH[¸ILPUN HZWLJ[H[VYVMJHSHTP[PLZ[HRPUNWSHJLPUHUV[OLYJV\U[Y`PZHX\PU[LZZLU[PHSTVKLYUL_WLYP- LUJL[OLJ\T\SH[P]LVMMLYPUNI`TVYL[OHUHJLU[\Y`HUKHOHSM»Z^VY[OVM[OVZLWYVMLZZPVUHS @HUPJR3HOLUZ¸/HP[PVY;OL/LHS[OVM4PZLY`¹PU4HY[PU4\UYVLKHaiti Rising: Haitian History, Culture and the Earthquake of 20103P]LYWVVS!3P]LYWVVS<UP]LYZP[`7YLZZ small axe 39 November 2012 DOI 10.1215/07990537-1894078 © Small Axe, Inc. 39 • November 2012 • Elizabeth McAlister |͂23 ZWLJPHSPaLK[V\YPZ[ZRUV^UHZQV\YUHSPZ[Z¹2)\[^OH[JHU^LRUV^PM^LSPZ[LU[V[OLZV\UKZ VMKPZHZ[LY& ;OPZUL^ZYLWVY[VU5)*Z[\UULKTL!H^VTHUUHTLK1HUL[[L^OVOHKILLU[YHWWLK HSVULPU[OLKHYRMVYÄ]LKH`Z^HZIYV\NO[V\[MYVT[OLY\IISL singing;OLQV\YUHSPZ[YLWVY[- PUN [OL Z[VY` MVJ\ZLK VU [OL YVTHU[PJ KYHTH[PJ WLYZWLJ[P]L VM 1HUL[[L»Z O\ZIHUK ^OV KLZWP[L[OLL]PKLUJLVMHÅH[[LULKI\PSKPUN^HZZ\YLOPZILSV]LK^PML^HZHSP]L/L^V\SK -
Volunteering Policy
My Volunteering Policy The purpose of this policy is to outline the opportunities and procedures for Thomson Reuters employees to engage in community volunteering activities. By allowing all regular employees time off to volunteer, Thomson Reuters can continue to invest in its local communities, and have a meaningful impact on the world around us one community at a time. Thomson Reuters encourages employees from across the business to take part in volunteering activities with recognized charities and community organizations including accredited schools. To enable this we offer all regular full-time and part-time employees* time off with pay for at least 2 days or 16 hours per calendar year (pro-rated for part-time staff). *Part-time employees are eligible if their regularly scheduled hours are 20 or more per week. Multiply the number of hours worked in a day by two; the result is the annual number of hours eligible for paid time off to volunteer (4 hours a day x 2 = 8 hours a year). GUIDELINES FOR VOLUNTEERING Volunteering during working hours is at your manager’s discretion and subject to the needs of the business. You should obtain your manager’s approval to use paid time off to volunteer and then log your paid volunteer hours into My Community. For full details of how to apply for volunteering, read our My Volunteer FAQ in My Community. RECOGNIZED CHARITIES AND COMMUNITY ORGANIZATIONS Through this policy and our programs we support organizations that are registered as a charity not-for-profit or tax exempt organizations and accredited schools. -
Dana Pāramī (The Perfection of Giving)
Dana Pāramī (The Perfection of Giving) Miss Notnargorn Thongputtamon Research Scholar, Department of Philosophy and Religion, Faculty of Arts, Banaras Hindu University, Varanasi, India [email protected] Received Dec 14,2018; Revised Mar 4, 2019; Accepted May 29, 2019 ABSTRACT Every religion in the world likes to teach that charity is important. This is the case with Buddhism also. The Buddha describes the three central practices as Dana (generosity), Sila (morality) and Bhavana (meditation). Bhikkhu Bodhi writes, “the practice of giving is universally recognized as one of the most basic human virtues”, and Susan Elbaum Jootle confirms that it is a basis of merit or wholesome kamma and when practiced in itself, it leads ultimately to liberation from the cycle of repeated existence”. Buddhists do not seek publicity for charity. But it is the practice of the vehicle of great enlightenment (mahābodhiyāna) to improve their skillfulness in accumulating the requisites for enlightenment. We now undertake a detailed explanation of the Dana Pāramī. Keywords: Dana (generosity), Bhavana (meditation), Sila (morality) 48 The Journal of The International Buddhist Studies College What are the Pāramis? For the meaning of the Pāramīs, the Brahmajāla Sutta explains that they are the noble qualities such as giving and etc., accompanied by compassion and skillful means, untainted by craving and conceit views (Bhikkhu Bodhi, 2007). Traleg Kyabgon Rinpoche renders “pāramīs” into English as “transcendent action”. He understands “transcendent action” in the sense of non-egocentric action. He says: “Transcendental” does not refer to some external reality, but rather to the way in which we conduct our lives and perceive the world – either in an egocentric way or non-egocentric way. -
QUESTION 32 the Works of Mercy (Almsgiving)
QUESTION 32 The Works of Mercy (Almsgiving) We next have to consider almsgiving or the works of mercy. And on this topic there are ten questions: (1) Is almsgiving or doing a work of mercy (eleemosynae largitio) an act of charity? (2) How are the works of mercy divided? (3) Which are the most important works of mercy, the spiritual or corporal? (4) Do the corporal works of mercy have a spiritual effect? (5) Does doing the works of mercy fall under a precept? (6) Should a corporal work of mercy be done from resources that are necessary for one to live on? (7) Should a corporal work of mercy be done from resources that have been unjustly acquired? (8) Whose role is it to do the works of mercy? (9) To whom should the works of mercy be done? (10) How should the works of mercy be done? Article 1 Is almsgiving or doing a work of mercy an act of charity? It seems that almsgiving or doing a work of mercy (dare eleemosynam), is not an act of charity: Objection 1: An act of charity cannot exist in the absence of charity. But almsgiving can exist in the absence of charity—this according to 1 Corinthians 13:3 (“If I should distribute all my goods to feed the poor ... but do not have charity ...”). Therefore, almsgiving or doing a work of mercy is not an act of charity. Objection 2: The works of mercy (eleemosyna) are numbered among the acts of satisfaction—this according to Daniel 4:24 (“Redeem your sins with alms, and your iniquities with works of mercy for the poor”).