Word: tax-exempt
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Several Harvard faculty members said yesterday that a proposal to weaken the tax-exempt status of donations to Harvard and other cultural institutions would not have the intended effect of encouraging contributions to charities for the underprivileged...
...editorial followed debate in the Senate last week of a law that would allow the government to regulate University endowments. Among the options discussed were repealing the tax-exempt status of university endowments and mandating minimum yearly payouts to help lower tuition costs...
...rise, the U.S. Senate is considering ways to regulate university endowments. The move brought a rebuke from Harvard, which insisted that Congress should not dictate how university funds are spent. At a Finance Committee hearing on Wednesday, senators considered measures including the repeal of university endowments’ tax-exempt status and mandating minimum yearly payouts to help lower tuition costs. The discussion at last week’s hearing focused on the spectacular growth of university endowments, which collectively increased by 17.7 percent to dollars in fiscal year 2006, according to testimony at the hearing. Average tuition for four...
...said Kevin Casey, Harvard’s senior director of federal and state relations. “The universities are not the ones utilizing leverage.” Currently, many organizations in the tax-exempt category use offshore tax sanctuaries such as the Cayman Islands to invest in U.S. hedge funds. “There is no reason to force tax-exempt entities offshore when they invest in hedge funds,” Levin said in a statement. “These rules were never meant to apply to this kind of transaction, and there is little reason to fear...
...Thompson is also playing in a gray legal zone by postponing his announcement. Currently his noncampaign campaign is a "testing the water" committee registered as a 527, a tax-exempt group with disclosure requirements far less stringent than those of a real campaign organization. Federal election law requires Thompson to declare himself a candidate once he decides to plunge into the water, which - given that he has signed up more than two dozen staffers, opened two offices and appointed his second and third campaign managers - he seems to have done...