Corporate Governance
The title of individuals who only act on behalf the nonprofit corporation by vote or consensus
Who is a director?
To whom a public charity’s assets must go upon dissolution for 501(c)(3) eligibility
What is to another public charity?
The Code section that authorizes a deduction for charitable contributions
What is section 170(a)?
This is the rate at which UBIT is taxed.
What is the highest marginal corporate tax rate or 21%?
The IRS form that social welfare organizations may file for 501(c)(4) status
What is Form 1024-A?
The three sectors of U.S. society, according to our casebook authors
What are for-profit, nonprofit, and government?
Two examples of good nonprofit corporate governance
What are:
The amount of legislative or political activities permitted to be undertaken by public charities
What is an insubstantial amount (compared to all the organization’s activities)?
While gifts of services are non-deductible, these expenses can be deductible as long as the “no-smile” rule is not violated
What are transportation, meals, and lodging incurred away from home?
The standard used to determine if an unrelated T/B is regularly carried on
What is the comparing the nonprofit's frequency and continuity of the activity to that of for-profit competitors?
This noncharitable TEO offers individuals a tax deduction for their contributions if the TEO uses it for religious, educational, or other charitable purposes
What is a fraternal organization (under 501(c)(7) (8) or (10))?
Two organizations that do not have to apply for public charity status
What are churches, church associations, conventions, covered by group exemption, or with gross receipts < $5000?
One way that nonprofit corporations differ from their for-profit counterparts
What is:
The name of the doctrine that requires a charitable class to consist of a sufficiently large/indefinite group of people
What is the community benefit doctrine?
How much a donation of non-cash property must be for a qualified appraisal to be attached to the donor's tax return.
What is $500,000?
One of the exclusions from UBTI under Code section 512
What are: dividends, royalties, or rents from real property?
One of the main distinctions between public charities and non-501(c)(3) TEOs
What is (1) donations are generally not tax deductible, and (2) non-501(c)(3)’s can self-declare their tax-exempt status?
The number of months a nonprofit corporation has to file Form 1023 to obtain tax-exempt status retroactive to its date of formation
What is 27 months?
The individuals responsible for a nonprofit corporation’s day-to-day activities
Who are officers and senior employees?
The only charitable purpose that justifies providing home loan assistance to moderate income families under Rev. Rul. 70-585
What is eliminating prejudice or discrimination (Situation 2)?
The three pieces of information that must be contained in a donee’s written acknowledgment of charitable contributions for donations > $250
What is the date of the donation, the amount, and the FMV of any goods/services provided in exchange for the donation?
DAILY DOUBLE! This type of disbursement is made by a sponsor who makes a donation with no expectation that it will receive anything in return other than use or acknowledgment of the sponsor’s name in connection with the exempt organization’s activities – “Thank You Sponsors”
What are qualified sponsorship payments?
The limitation placed on the deductibility of labor organization and business league membership dues under Code section 162(e)
What is that dues are only deductible to the extent not used for lobbying?
The number of non-exhaustive factors that the IRS uses to determine if an organization is a ”church” under Rev. Rul. 59-129
What is 14?
Besides having members, this is one way that mutual benefit nonprofit corporations differ from public benefit counterparts
What is:
One type of legal entity that cannot apply for tax-exempt status with the IRS
What is a partnership or sole proprietorship?
How a conservation easement is valued for qualified conservation contribution purposes.
What is measuring the difference in property value before and after the easement is placed?
The exception that permits RP rental income to be excluded from UBTI even though the lessor also provides services
What are services that are usually/customarily rendered in connection with the rental of rooms?
To be tax exempt, business leagues must do this as opposed to be appearing to operate a trade or business (sorry, IBM, those are your customers)
What is promote a common business interest and/or improve business conditions?
One of the events triggering the gross income exclusion for receiving a “qualified disaster relief payment” from an employer
What is a: (1) terrorist attack, (2) accident, (3) presidentially-declared or Treasury Secretary declared disaster?