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In a non-profit corporation, the "agency problem" is even more difficult than in the for-profit sector, because the management of a non-profit is not even theoretically subject to removal by the charitable beneficiaries. The board of directors of most charities is self-perpetuating, with new members chosen by vote of the existing members.
The Uniform Transfers To Minors Act (UTMA) is a uniform act drafted and recommended by the National Conference of Commissioners on Uniform State Laws in 1986, and subsequently enacted by all U.S. States, which provides a mechanism under which gifts can be made to a minor without requiring the presence of an appointed guardian for the minor, and which satisfies the Internal Revenue Service ...
Starting at the end of World War II, the United States' high top income tax rates spurred a burst of new foundations and trusts, many of which were simply tax shelters. President Harry S. Truman publicly raised this issue in 1950, resulting in a federal law later that year that brought new rigor and definition to the practice. The law did not ...
The donor-advised fund is one of the most tax-efficient ways to donate money to charity, which has helped it become the fastest-growing charitable giving vehicle in the U.S., according to Fidelity ...
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A foundation should not have commercial activities as its main purpose, but they are permitted if they serve the main purpose of the foundation. There is no minimum starting capital, although in practice at least €50,000 is considered necessary. A German foundation can either be charitable or serve a private interest.
LifeWise Academy was founded in 2018 by Joel Penton, a former Ohio State defensive lineman, [3] [4] as a division of his nonprofit ministry Stand for Truth. [5] The organization was inspired by the weekday religious education program in his hometown of Van Wert, Ohio, in 2012. [3]
The Uniform Gifts to Minors Act (UGMA) is an act in some states of the United States that allows assets such as securities, where the donor has given up all possession and control, to be held in the custodian's name for the benefit of the minor without an attorney needing to set up a special trust fund. This allows a minor in the United States ...
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