Word: non-profit
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University spokesman John D. Longbrake said that notice of the upcoming audit was delivered to the University and added that the University and HMC are considered separate legal entities in several respects. For instance, HMC and the University file separate non-profit tax returns...
Harvard will be audited by the Internal Revenue Service as part of the government's efforts to review practices at non-profit organizations that take advantage of tax exemptions...
...interviews with The Crimson last year, Steven M. Rose, a former HMC tax director, questioned whether a non-profit such as Harvard ought to be utilizing investment vehicles such as offshore companies to boost financial returns. Rose also said that during the time of his employment at Harvard in 2001, HMC operated with a profit-driven mentality that he considered at odds with the University's educational mission...
...earlier version of the Jan. 13 news article "IRS To Audit Harvard as Part of Non-Profit Probe" stated that Steven M. Rose, former tax director of Harvard Management Company, raised questions last year regarding HMC's investment practices and "profit-driven mentality." To clarify, Rose voiced such concerns to a Crimson reporter last year, but the concerns focused on HMC's practices at the time of his employment in 2001. University spokesman John D. Longbrake's statement has been added to further clarify the timing of Rose's concerns and the University's response...
...little collegiate money laundering. According to a recent investigative report in The Stanford Review based on The Daily’s IRS Form 990, the publication declared a cash balance of $517,022 in 2008 and then proceeded to transfer more than half the money to a subsidiary non-profit organization called The Friends of The Daily Foundation in order to simulate an $80,408 deficit. With the apparent deficit, The Daily then applied for and was granted $50,000 in student fees from the Stanford Student Senate, which had no idea about the large “gift?...