Word: exemptible
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...nonprofit educational institution, the University is exempt from property taxes. Because Harvard’s acquisition of the Arsenal would remove the land from the tax rolls, Watertown faced the prospect of losing a substantial amount of revenue—one-third of its entire commercial tax base—from a site that it had spent a decade redeveloping...
...scrutiny is a response to the exponential growth of the nonprofit sector over the past decade--and to concerns that some institutions are scamming the system by seeking tax-exempt status. The Internal Revenue Service lists more than 1.8 million charities, up from 739,000 charities 25 years ago. The tax-exempt sector includes not just soup kitchens and scholarship funds but also labor unions, hospitals, the NCAA--even Major League Baseball. "Today you see nonprofit holding companies," says Minnesota state attorney general Mike Hatch, who has aggressively pushed for better nonprofit governance. "We're dealing with multibillion-dollar enterprises...
...been working overtime to catch the scammers. Flush with funding to root out nonprofits connected to terrorism and given a new institutional mandate to do a tougher job, its Exempt Organizations Division has added 160 auditors over the past two years. Since August 2004, according to Mark Everson, commissioner of the IRS, the agency has contacted 1,240 organizations with questions about how they pay their executives. So far, 719 returns have come under audit for suspicious accounting. State regulators, who have traditionally policed nonprofits, are pushing for new laws. The House and Senate held hearings this summer on nonprofit...
...proposals also do not make a distinction between “fundamental research”—research that will be published in journals or otherwise made public—and classified research. Fundamental research is exempt from deemed-export controls under the current rules...
...Peer counseling groups will also be exempt from the eviction, the vice-president of operations for the Harvard International Relations Council, Todd Van Stolk-Riley ’06 said...