One-fifth to one-fourth of nonprofits to lose exemption
On May 15, an estimated 20 percent to 25 percent of the 1.6 million nonprofits in the U.S. will lose their tax-exempt status because of 2006 federal legislation that directed the Internal Revenue Service to revoke the exemptions of groups that failed to file federal tax forms for three straight years, The New York Times reported April 22 (see tax-exempt status story).
Museums going to schools
To try to offset a decline in museum trips by schools in the face of funding cuts, museums are taking their lessons to schools through traveling programs, videoconferencing and computer-based lessons, The New York Times reported April 21 (see museums story).
Real-estate and hotel tycoon is China’s top giver
Chinese real-estate and hotel tycoon clinched his position as China’s top philanthropist by giving $470 million in cash and property to his foundation, bringing to over $1.2 billion the total he has donated to the Hong Kong-based foundation, AFP reported April 22 (see Chinese philanthropist story).