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May 16-31, 2004

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May 16-31, 2004

May 16-31, 2004

IRS Issues Rev. Rul. on Joint Ventures Between Charity and For-Profit Business
Guidance confirms the obvious on exempt status, avoids clear ruling on critical issue of control

Committee Proposes Changes to UMIFA To Eliminate Concept of “Historic Value”
Trustees could spend endowment to the extent “prudent” even if it reduced the value of the fund below the original gift

Corporation Formed to Enforce Agreement Against State Is Not Covered by Sunshine Law
Group is a separate entity, not appointed or controlled by state university and is not a “committee of” the state required to open meetings

Issues Notes

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Kramer to talk on accountability
Thursday with the Editor, May 27, 1:00 ET

To the Point

Is a nonprofit organization required to allow the public to sit in on its entire Board Meeting or just the part allocated to Public Comment?

Lessons from Litigation

  • Lawyer suspended for failing to supervise associate
  • Stocks, jewelry and coins are not “contents” of house
  • Caretakers not protected by anti-eviction law

Tax Matters

  • Fitness Center not eligible for real estate tax exemption
  • Board denies exemption to assisted living for the rich

Employment Law

  • Worker in Salvation Army alcoholism program entitled to recover under Workers' Comp

Ready Reference Page

Permanently Restricted Funds Should Be DesignatednAs Permanently Restricted on Pa. Financial Statements

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