Welcome to the New Planned Giving Design Center

Welcome to the New Planned Giving Design Center

Newsletter issue posted in on 28 June 2011
audience: | last updated: 29 June 2011

Dear Tim,

Welcome to the new Planned Giving Design Center newsletter and website. As a member of Planned Giving Design Center you are being sent this e-mail to keep you up to date on the latest additions to the site.

National Publication Highlights

Planned Giving Design Center - The Movie
Save time, get a quick start. Take a few minutes to watch our movie on the benefits of the new Planned Giving Design Center. - read more

U.S. Giving Increased in 2010
In its annual report on philanthropy, Giving USA Foundation reports that total estimated giving in the United States rose by 3.8 percent in 2010. The report attributes the increase to the modest economic recovery achieved in 2010. Giving by individuals rose an estimated 2.7 percent and giving by foundation falling a modest 0.2 percent. The greatest gains, according to the report, were seen in charitable bequests and corporate giving, which rose 18.8 and 10.6 percent, respectively. - read more

ACGA Issues New Suggested Gift Annuity Rates
The Board of Directors of the American Council on Gift Annuities has approved a new schedule of suggested maximum gift annuity rates for gifts established on or after July 1, 2011. - read more


National Publication Features

Bill Would Make Conservation Donation Rules Permanent
House Ways and Means Committee member Jim Gerlach, R-Pa, has introduced H.R. 1964, the Conservation Easement Incentive Act of 2011. If enacted the bill would make permanent the special rule for contributions of qualified conservation contributions under sections 170(b)(1)(E) and 170(b)(2)(B). - read more

Appeals Court Affirms Ruling Permitting Deductions for Facade Easements
The U.S. Court of Appeals for the District of Columbia has held the Tax Court did not err in ruling a donor met the applicable statutory and regulatory requirements in claiming deductions for  the donation of conservation easements on the fa├žades of two buildings despite the Commissioner's argument  the contribution was not "exclusively for conservation purposes," as required by 26 U.S.C. § 170(h)(1)(C), and because the donor failed to obtain "qualified appraisals" meeting the standards of Treasury Regulation § 1.170A-13(c)(3)(ii).  - read more

SO Permitted to Specify Supported Organizations by Class or Purpose
The IRS has ruled privately that a supporting organization that amends its Articles of Incorporation to enable it to identify the organizations it will support by class or purpose rather than by name will not adversely affect its status as a Type 1 supporting organization under section 509(a)(3) of the Code. - read more

Type III Supporting Org Denied Exempt Status for Failure to Meet Required Tests
The IRS has denied tax-exempt status to a trust that sought to become a Type III supporting organization for the benefit of a church because it fails the operation test because it is not operated exclusively for the benefit of specified publicly supported organizations as required by section 509(3)(a)(A); fails the organization test because it is not "operated in connection with" the supported organization; has not satisfied the relationship test because it does not meet the responsiveness test or the integral parts test; and fails the control test because the trust was controlled by disqualified persons. - read more

Service Approves Qualified Reformation to Create CRT
The Service has ruled privately that a reformation of a testamentary trust to qualify as a charitable remainder trust is qualified reformation and qualifies for an estate tax charitable deduction provided the reformation is effective under State law. - read more

No Written Acknowledgment, No Deduction
The IRS has issued e-mail advice that a taxpayer who makes a charity gift and fails to obtain a contemporaneous written acknowledgment from the charitable donee cannot claim an income tax charitable deduction even if the donee subsequently files an amended Form 990 for the year of contribution for purposes of identifying the gift. - read more

Service Revokes Organization's Exempt Status for Private Inurement
Inurement is a transaction between an exempt organization and an individual who is an insider who, by virtue of his/her position within the organization, has the ability to influence or control application of the organization's net earnings. In the ruling the IRS has revoked an organization's tax-exempt status based on its findings the president of the organization and his wife used the organization's bank account for personal purposes and paid the president's personal cell phone bill. In addition, the organization failed to keep books and records as required by IRC Section 6001 and did not file a complete and accurate tax return. - read more

Exempt Organizations Update
The IRS has released the latest edition of Exempt Organizations Update. - read more

July 7520 Rate Drops to 2.4%
For purposes of determining the present value of an annuity, an interest for life or a term of years, or a remainder or a reversionary interest, Revenue Ruling 2011-14 indicates the applicable federal rate under section 7520 for July 2011 is 2.4%; down 0.4% from the June rate of 2.8% and down 0.6% from the May rate of 3.0%. - read more



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7520 Rates:  July 3.4%  June 3.4%  May 3.2%

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