IRS reports on non-cash contributions

Here are the top nonprofit stories reported elsewhere:

* An IRS study found 6 million Americans claimed $37 billion in tax deductions for non-cash charitable donations in 2003, a higher-than-expected amount, with donations of corporate stock representing the largest share of claims at $13.7 billion, Bloomberg news reported July 24.

* The 7th Circuit Court of Appeals in Chicago ruled to uphold an Indiana law that prevents charities from using professional telemarketers to solicit funds from homes on the no-call list, citing an overriding concern for the privacy of state residents, the Courier-Journal in Louisville, Ky., reported July 28.

* TIAA-CREF dropped Coca-Cola Co. from its $8 billion Social Choice Account, a fund that invests according to social criteria, because consultants say Coca-Cola failed to meet requirements in areas relating to overseas worker rights, environmental issues and marketing to children, Reuters reported July 18.

* Baby boomers in the area surrounding the nation’s capital are set to begin a massive transfer of wealth in the coming decades, with $2.4 trillion expected to be divided among heirs, charities and estate taxes, says a study by Boston College’s Center on Wealth and Philanthropy, the Washington Post reported July 26.

* Artists’ Foundations, once vehicles for preservation and cataloging, are getting into the sale of their artists’ works – many pieces at once in some cases – The Wall Street Journal reported July 29.

* Dole Food owner David H. Murdock, whose net worth is estimated at $4 billion, is spending more than $1 billion of his fortune on ventures researching good health, including a 350-acre biotechnology research complex in North Carolina, The Wall Street Journal reported July 28.

* The international Red Cross is seeking $81 million in aid for Lebanon, where the charity says the situation is increasingly perilous for trapped citizens, and where efforts to assist displaced citizens will require an emergency response likely to extend into 2007, The Miami Herald reported July 28.

* Thomas S. Monaghan, founder of Domino’s Pizza and the largest benefactor of Catholic institutions in the U.S., is under fire by many conservative Catholics and former supporters who charge his philanthropic ventures are driven in part by ego and vanity, The New York Times reported July 30.

* Senate Majority Leader Bill Frist failed to disclose his position as trustee of a family foundation bearing his name, and as vice president of a foundation under his parents’ names, constituting a breach of Senate rules about disclosing finances, The New York Times reported July 31. Frist’s staff said the failure to disclose the information was inadvertent.

Compiled by Leslie Williams

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