Word: profiteered
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Daniel Halperin, an HLS professor who specializes in tax policy and non-profit organizations, said that an evaluation of the proper tax treatment for the income would also depend on whether Harvard’s share of the management fees is collected from regularly conducted trade or business, and the reasons why Harvard is making special arrangements with the money managers. He added that resolving these issues conclusively is difficult without access to more detailed information...
...many of the entities that Harvard owned and invested in, both for- and non-profit, were directed and staffed by former University employees who continued to receive millions of dollars in management fees from Harvard, presenting what he saw as a conflict of interest...
...seven years later, changes in non-profit tax reporting have finally been made—and many of the revisions reflect Rose’s concerns...
...year ending 2009, the IRS is phasing in the use of a new Form 990, which is filed by non-profit organizations. As the first major revision in 30 years, the report will include more detailed questioning of company governance and policies, compensation, foreign activities, and organizational structuring. And since previous filings asked organizations to report some information in unstructured attachments—which often led to incomplete or missing information—the new revision increases the number of additional reporting forms from...
...Boston. At the event, presenters highlighted Robert M. Gogan, Jr.’s commitment to recycling at Harvard, a cause he has championed for over a decade and a half. The program specifically cited Gogan’s efforts to distribute reusable office supplies and furniture to non-profit organizations such as Habitat for Humanity. It also mentioned Harvard’s annual Valentine’s Day cosmetics drive for a Cambridge woman’s shelter, and the “Stuff Sale,” during which students donate unwanted furniture to be resold...