March 7 marks the 1-year anniversary of the effective date of the disclosure provisions of the Philanthropy Protection Act of 1995. The purpose of the act was to facilitate contributions to charitable organizations by codifying certain exemptions from federal securities law based largely on the existing agency positions of the Securities Exchange Commission (SEC). The PPA …Read More
In December 1996, the Internal Revenue Service released regulations that provide guidance for allowing various charitable contribution deductions, substantiation requirements for charitable contributions of $250 or more, and the disclosure requirements for quid pro quo contributions in excess of $75. These final regulations clarify various questions raised by provisions of the Omnibus Budget Reconciliation Act …Read More
Many of your donors will be reading erroneous reports that their deduction for gifts of stocks, bonds, etc., will be limited to their cost basis only after May 31, 1997. The Small Business Job Protection Act signed into law by President Clinton affects only gifts of appreciated property to PRIVATE FOUNDATIONS. The Sharpe company clearly …Read More
Most people mistakenly “know” how you become wealthy in America. Inheritance, an advanced degree, winning the lottery, or even high income seldom are the paths to wealth. More often “wealth” in America is the result of hard work, diligent savings, and living frugally. In the book, The Millionaire Next Door (Longstreet Press, 1996), Thomas J. …Read More