The federal District Court in Wisconsin has granted a stay in its order to remove the individual trustees of a supporting organization to the Minneapolis Jewish Federation pending appeal of its ruling. The Court had ordered removal of the trustees for breach of fiduciary duty and had ordered the addition of a new bank trustee. (See Nonprofit Issues®, Vol. XXVIII No. 5)
A federal District Court in California has allowed donors of $100 million to a donor advised fund at Fidelity Investments Charitable Gift Fund to proceed with a suit for damages they claimed resulted when, contrary to its representations, Fidelity dumped the gift stock immediately upon receipt and depressed the value of the gift for charitable donation deduction purposes. The Court has rejected a motion to dismiss the case, holding that the plaintiffs have standing to sue and have adequately alleged causes of action.
The Tax Court has refused to reconsider a case in which it denied a charitable contribution deduction for a developer who granted a conservation easement on 125 acres next to a proposed residential development. The Court had said that no deduction was available when the donor expected to obtain a benefit in the enhancement of the value of adjacent property. (See Nonprofit Issues®, Vol. XXVIII, No. 2)
Donor advised funds grew significantly in 2017 in number of funds, total assets, contributions received, and grants made, according to the 12th annual Donor Advised Fund Report issued recently by the National Philanthropic Trust. For the eighth consecutive year there was growth “in all key metrics,” the report said, making donor advised funds “the fastest-growing vehicle in philanthropy.”
An appellate court in Kentucky has affirmed a trial court decision dismissing age discrimination claims brought by 18 employees who were dismissed in a reorganization and restructuring.
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A trial court judge in New York City has rejected a motion to dismiss the Attorney General’s suit against President Donald J.
