Podcast: Tax Reform and Its Impact on Exempt Organizations, One Year In
The Legislation combines spending and policy priorities from 11 congressional committees and will reshape federal policy across nearly every sector of the U.S. economy. There is a possibility for one or more additional budget...more
The Opportunity, Balance, and Better Budget Act (OBBBA), formerly known as the One Big Beautiful Bill Act, enacted on July 4, 2025, introduces the most significant changes to the tax landscape for tax-exempt organizations...more
On July 3, the House of Representatives approved “The One Big Beautiful Bill Act” as approved two days earlier by the Senate. The final version of the bill contains several provisions relevant to tax-exempt organizations. The...more
On July 1, the Senate approved its version of “The One Big Beautiful Bill Act,” containing several provisions relevant to tax-exempt organizations. Importantly, certain proposed amendments contained in draft legislation...more
President Trump’s proposed One Big Beautiful Bill, which the House of Representatives passed last week, contains several provisions applicable to nonprofit organizations and their donors. While the Senate could still revise...more
Montana Allows Donor Standing for Endowment Violations - On April 17, 2025, Montana’s governor signed Senate Bill 134 — the Safeguarding Endowment Gifts Act — which took effect immediately and amends Montana’s version of...more
Georgia and Kentucky Allow Donor Standing for Endowment Violations - On April 9, 2024, Kentucky’s governor signed Senate Bill 70, which will take effect on July 15, 2024, and will amend Kentucky’s version of the Uniform...more
For many charitable institutions, accepting gifts subject to certain donor-imposed restrictions is in the normal course of business. While these restricted funds are quite common, their usefulness can occasionally become...more
Restricted funds are monies donated or bequeathed to a charity or non-profit organization such as a museum that come with limitations imposed by the donor on the investment, management or use of the funds. Examples include a...more
Earlier this month, a Missouri state court allowed Webster University to reclassify various donor-restricted endowment funds as unrestricted endowment funds so the funds could be held as collateral to help Webster meet a 75%...more
Kansas Allows Donor Standing Under UPMIFA - Kansas’ Donor Intent Protection Act took effect this summer on July 1, 2023, amending Kansas’ version of the Uniform Prudent Management of Institutional Funds Act (UPMIFA,...more
Hoping to alleviate the immense damage to vulnerable communities inflicted by COVID-19 and racial inequities that have drawn the spotlight over the past year, foundations and other charitable institutions are digging deeper...more
On July 23, 2020, Pennsylvania Governor Tom Wolf approved 2020 Act 71, enacting House Bill 2484. The new law amends the Pennsylvania Consolidated Statutes, Titles 15 (Corporations and Unincorporated Associations) and 20...more
It goes without saying that we are living in uncertain times and are experiencing events that are reshaping our lives in ways that many of us believed only to exist in science fiction books and movies. Nevertheless, while we...more
As the effects of COVID-19 on the economy and our societal needs present challenges to nearly every nonprofit organization, some organizations are considering how their endowment and other restricted funds may be deployed to...more
The tension between preserving charitable assets for the future and spending them currently to address critical needs has perhaps never been greater. Both operating charities that make annual appropriations from their...more
As the COVID-19 pandemic continues to impact all corners of life both locally and nationally, we have received questions from our nonprofit clients regarding the use of their endowment funds to help support their targeted...more
A recent Minnesota Court of Appeals decision affirmed that funds like endowment funds, held by charitable organizations, will generally be considered gifts and not contracts. Case Background - In 2004 and 2008, Mr....more
Charitable organizations work hard to maintain exempt status. These organizations operate in a highly regulated landscape: In exchange for enjoying freedom from income taxes, they must comply with strict organizational and...more