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IRS launching probe of nonprofit tax-exempt bonds

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Here are the week’s top nonprofit stories reported elsewhere:

* The IRS is launching a big investigation into tax-exempt bonds in the nonprofit sector, looking for possible violations of requirements for the use of proceeds and facilities, Reuters reported July 14.

* Cultural institutions’ search for funding has corrupted their ethics and abdicated decision-making to rich collectors, shortsighted directors and outside commercial interests, The New York Times reported July 18.

* Charity specialists say small businesses are become more creating in their giving, and younger entrepreneurs are showing a new philanthropic spirit that reflects how they define themselves, The New York Times reported July 14.

* Beadwork created by unemployed HIV-infected mothers in South Africa through Mothers Creations, a project of a South African health organization recently visited by first lady Laura Bush, may be the next big trend in U.S. charity fashion, The Wall Street Journal reported July 15.

* A survey of British philanthropists says the media can and should do more to encourage charitable giving, CharityTimes reported June 29.

* A Chinese official says charitable giving is low because of a shortage of charity mechanisms, China View reported July 13.

* A new report says charity funds in Britain grew roughly 5 percent in the second quarter of 2005, and about 7.5 percent in the first six months, compared to an average of 7.7 percnet a year for the last years, My Finances reported July 15.

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