IRS revoked tax-exempt status of 72 supporting organizations
The IRS in the last five years has revoked the tax exemption of 72 groups, known as supporting organizations, that little-known philanthropies created to support specific charities, with the revocations based on findings that supporting organizations were created to handle questionable financial-planning schemes to let donors take a tax deduction and still get their so-called charitable donation back through offshore investments or interest-free loans to family members, The New York Times reported Feb. 14 (see IRS probe story).
Kerkorian’s foundation giving $200 million to UCLA
A foundation established by Kirk Kerkorian, the billionaire investor and Las Vegas casino mogul, is giving UCLA about $100 million for medical research and other projects and will let the university administer another $100 million for other charitable causes around the U.S., the Los Angeles Times reported Feb. 14 (see UCLA gift story).
Obama proposes 13% cut in NEA budget
The Obama administration’s fiscal 2012 budget request calls for the National Endowment for the Arts to receive $146.2 million, down 13 percent from the $167.5 appropriated in fiscal 2010 and contained in a continuing resolution under which the agency is operating in fiscal 2011, The Washington Post reported Feb. 14 (see arts funding story).
Head of Gates’ global-health program leaving
Dr. Tachi Yamada, who for five years has headed the global-health program at the Bill & Melinda Gates Foundation, the largest department at the world’s largest philanthropy, will leave the job in June, the Associated Press reported Feb. 14 (see Gates Foundation story).