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Expert Analysis

Risks In Making Grants To Orgs Awaiting Tax Exemption

Law360, New York (September 30, 2014, 10:20 AM EDT) -- Private foundations sometimes make grants to charitable organizations that have applied for, but not yet received, recognition as tax-exempt, charitable (i.e., Section 501(c)(3)) organizations by the Internal Revenue Service. With long wait times for determinations of exemption, this practice is increasingly common. A recent IRS private letter ruling serves as a strong reminder that the failure to exercise expenditure responsibility with respect to any grant made during that time period may result in penalty taxes on the grantor foundation....

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