Situation: A Basic College (ABC) provides a traditional college education program for its students. ABC operates as a Section 501(c)(3) organization exempt from income tax. Its purpose is to provide an education program to young adults in order to qualify [...]
Situation: A 5-member Board of Directors governs the Tragic Victims Relief Organization (TVRO). The Bullied and Abused Responders Enterprise (BARE) appoints two of TVRO’s directors, while a 60% owned for-profit subsidiary of BARE, the Psychological Bandage Corporation (PBC), [...]
Situation: O. Sue Generous (O Sue) sits on the Board of Colorado Debtors Anonymous (CDA), a 501(c)(3) organization. Just prior to CDA’s fiscal year-end, O Sue took an advance of $1,000 to help cover travel expenses for attendance at the annual convention of [...]
The Internal Revenue Code requires that deductible donations to charitable organizations must be substantiated with a contemporaneous written acknowledgment (CWA) of the contribution by the donee organization. The CWA must follow a prescribed format. However, the Code also says that the Secretary [...]