With charitable deductions for all?
With charitable deductions for all? The House Ways and Means Committee has proposed a nonitemizer charitable deduction. The legislation HR 2499 would permit income taxpayers who do not itemize to deduct 50% of their annual charitable contributions totaling over $500 per tax year. Approximately 84 million nonitemizers could benefit from this legislation. If you would like to support this bill, contact your Congressional representative.
Source: Community Foundation Professional Adviser News, Fall 1997
Big businesses make big gifts
Corporate giving to charitable organizations was up by an average of 31% last year, according to a survey conducted by the Conference Board research group. The group compiled data from 289 of the nation’s largest companies, over half of which were Fortune 1000 businesses. Research showed that the companies donated $2.3 billion in 1996.
Educational organizations were the number one recipient of corporate funds, receiving 33% of the total contributions, followed by health and human services with 26%, civic and community organizations with approximately 10%, and international groups with 5%.
Of those participating in the survey, pharmaceutical companies gave the most at $35 million, while computer businesses came in second, giving roughly $28.2 million.
If you would like to order a copy of the Conference Board’s survey “Corporate Contributions in 1996,” contact the Conference Board, 845 Third Avenue, New York, NY 10022-6601, (212) 759-0900, or e-mail firstname.lastname@example.org.
Source: The Chronicle of Philanthropy, November 27, 1997
Young princes face royal-size tax
Princess Diana’s death left her two young sons, Princes William and Harry, without a mother. To add to their suffering, the princes also face estate taxes of 40% on their mother’s $35.5 million estate.
When Diana and Charles divorced in 1996, Diana’s settlement was $28.7 million plus interest. Charles considered trying to overturn the settlement so that he could put the money in a trust for his two sons. Now, even though legal precedent may support him, Prince Charles will not pursue legal action that could save his children millions. A spokesman for the Prince said, “We are keen that all tax dealings should be seen as straightforward and that there should be no question of the royal family receiving preferential treatment.”
Source: The Commercial Appeal, November 24, 1997
Top 10 Nonprofits
Here is a list of the top 10 nonprofits according to total revenue generated:
- The National Council of YMCAs
- Catholic Charities
- American Red Cross
- Salvation Army
- Goodwill Industries International
- Shriners Hospitals for Children
- Boy Scouts of America
- YWCA of the USA
- American Cancer Society, Inc.
- Planned Parenthood Federation of America
Source: The NonProfit Times, November 1997