Texas law aims to reinforce donor intent after donors die
A new Texas law aims to make sure “orphan trusts,” which are left under the stewardship of lawyers or banks after their founders die, still honor their founders’ intent, The New York Times reported June 27 (see donor intent story).
Recession hurting Phoenix nonprofits
Nonprofits in the Phoenix area are laying off staff, reducing costs and looking for new ways to raise money, the Arizona Republic reported June 27 (see nonprofit recession story). Many nonprofits face declining income and rising demand for services. In a February survey, over one-fourth of the state’s nonprofits said they had laid off employees in 2008 or planned to do so in 2009.
Boston Foundation to increase giving
The Boston Foundation will distribute $17.2 million in discretionary grants in the fiscal year that starts July 1, up from $16.9 million in the fiscal year just ending, even though its assets are down over 19 percent because of the recession, the Boston Globe reported June 27 (see Boston Foundation story).
Nonprofit expert predicts long downturn
The editor of The Nonprofit Quarterly says charities should expect the economic downturn to be longer than usual, the Associated Press reported June 28 (see nonprofit downturn story). Ruth McCambridge says foundations’ asset bases that support much of the charitable giving in the U.S. have plunged, prompting a decline in grants foundations make.
Meal with billionaire nets $1.68 million for charity
The winner of this year’s charity auction to dine with billionaire Warren Buffett will pay over $1.68 million to benefit the Glide Foundation, down from a record-high $2.1 million paid by last year’s winner, the Associated Press reported June 27 (see charity auction story).
Transfer from IRA to charitable-gift annuity requires tax payment
Individuals can transfer assets from their individual retirement account to a charitable-gift annuity, but they have to treat the transfer as an IRA withdrawal and pay the taxes involved, The Wall Street Journal reported June 27 (see IRA transfer story).