September 24, 2010

200 foundations urge congress to simplify tax law to allow more giving

Posted in Philanthropy at 5:53 pm by philanthropynews

More than 200 foundations from 42 states (including the District of Columbia) on Monday urged leaders in Congress to pass legislation that would simplify the nation’s tax system and make it easier for the philanthropic sector to devote more resources to giving.

In a letter sent to Congressional leaders, the diverse coalition—including the C.S. Mott Foundation, The W. K. Kellogg Foundation, Robert W. Woodruff Foundation, Inc., The Nathan Cummings Foundation, Rasmuson Foundation, and the Council of Michigan Foundations—said the change will enable foundations to focus more on meeting the growing needs in communities across the country.

“The current tax on private foundation investment income is needlessly complicated, requiring foundations to calculate and recalculate asset balances, investment income, and expenditures as often as once every month,” the letter said. “Foundation resources that could be going toward grants and programs to improve our communities are instead spent on accountants and lawyers working to ensure tax compliance.”

(Read more via PNN.)

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