charitable trust funds

• Agency Ordered to Give Up Fund: ; High Court Decision Cut Off Charitable Fund From Bar Foundation

Last year, the state Supreme Court ordered a nonprofit to give up control of a charitable fund that used earnings from lawyer's trust funds across the state to help poor West Virginians get legal help. The charitable fund's long-time home was at the state Bar Foundation. The high court has not explained the change.

• Charleston Daily Mail
• June 21, 2011

• ; Accused of Stealing Charity's Funds

An Amherst businessman is accused of pilfering $900,000 to $1 million from a charitable organization, patient trust accounts and payroll funds at two nursing homes that he owns. A felony charge of scheming to defraud against Marc Irwin Korn, 54, of Roxbury Park, was announced Friday by U.S. Attorney William J. Hochul Jr.

• Buffalo News
• May 21, 2011

• State Bar Rethinks Location: Court for Paying Too Much Rent

Over the past two decades, membership dues paid by all the states lawyers went to help the State Bar pay more than $1 million to rent a building thats now worth less than $500,000, according to a top official at the Bar and county property records. The bar is now planning to move out of its long-time headquarters on Kanawha Boulevard. The organization will also stop leasing from the state Bar Foundation, which was set up in 1988 to hold property for the State Bar and do charitable work in the legal community. The current head of the State Bar said the move is designed to give the organization more room to expand its offerings. But the move also comes after the West Virginia Supreme Court determined the State Bar had been overpaying for its property. The West Virginia State Bar is a quas...

• Charleston Daily Mail
• July 12, 2011

• Boeing Commits $2 Million to Support Relief Efforts in Japan

CHICAGO, March 15, 2011 /PRNewswire/ -- Boeing (NYSE: BA) announced today that the company and its employees will contribute $2 million to assist with recovery efforts in the aftermath of the devastating earthquake and tsunami in Japan. The funds will come from The Boeing Company Charitable Trust and employee contributions. Boeing is in discussions with relief agencies and other groups to determine how the company's portion of the contribution can best be used to support recovery efforts. Contributions from the Boeing's U.S.-based and international employees will go directly to the American Red Cross relief efforts. While all of us at Boeing are saddened by the loss of life and unimaginable destruction of this tragedy, we are deeply moved by the strength and resolve of the Japanese peo...

• U.S. Newswire
• March 15, 2011

• Who must file Form 1041-A?

Split-interest trusts defined in IRC section 4947(a)(2) are not the only trusts that are required to file a Form 1041-A. Any trust claiming a charitable deduction under section 642(c) must also file a Form 1041-A, unless the trust is required to distribute currently all income or the trust is a section 4947(a)(1) trust. Trusts that must report can therefore include pooled income funds, private foundations and charitable remainder trusts. Failure to file penalties may be avoided by showing reasonable cause, such as reliance on the advice of a tax professional.

• The Tax Adviser
• Vol. 27 Nbr. 6, June 1996

• Cvs Caremark Charitable Trust Donates $100,000 to American Red Cross for Flood Relief Efforts in Southeastern U.S. ; - Additional $13,000 in Food and Personal Care Items Donated to Local Community Organizations -

WOONSOCKET, R.I., May 6 /PRNewswire/ -- The CVS Caremark Charitable Trust announced today that it is donating $100,000 to the American Red Cross Disaster Relief Fund to support flood relief efforts in the Southeastern United States, including the states of Alabama, Mississippi and Tennessee. The Red Cross has implemented a coordinated effort to assist victims of these devastating floods and we are committed to supporting their efforts across the states that are impacted," said Eileen Howard Dunn, Vice President of the CVS Caremark Charitable Trust. "It is our hope that these funds will help these communities recover as quickly as possible.

• U.S. Newswire
• May 06, 2010

• Davis v. United States, 495 U.S. 472 (1990)

... of 1954 permits a taxpayer to claim a charitable contribution deduction only if the contribution is... Saints (Church) claimed such deductions for funds transferred to their sons while they were serving ... to donations made to a legally enforceable trust or a similar legal arrangement. Although, on its f...

• U.S. Supreme Court

• Between Travel Woes and Fireworks, Bees Get Lit Up

Good thing the Salt Lake Bees auctioned off the uniforms they wore in Friday night's 17-4 loss to the Portland Beavers. The camouflage jerseys, worn in tribute to the U.S. Armed Forces and used to raise funds for the Utah National Guard Charitable Trust, left the ballpark in someone else's hands -- allowing the Bees to move on without a reminder of a lopsided series-opening setback.

• Deseret News (Salt Lake City)
• May 24, 2008

• 26 CFR 25.2522(c)-3 - Transfers not exclusively for charitable, etc., purposes in the case of gifts made after July 31, 1969.

...(a) Remainders and similar interests. If a trust is created or property is transferred for both a c... remainder trust and pooled income funds. The charitable interest is a remainder interest i...

• Code of Federal Regulations - Title 26: Internal Revenue

• $20k to Aid Guard Families

Thanks to the recent fund-raising efforts of TriWest Healthcare Alliance, needy family members of deployed Utah National Guard members have an extra $20,000 available through the Utah National Guard Charitable Trust. TriWest raised the funds this year as part of its "Giving to the Guard" campaign, which helps Guard families in 21 Western states. A formal presentation of a check to the Guard was made Tuesday to Brig. Gen. Scott Harrison of the Utah Air National Guard.

• Deseret News (Salt Lake City)
• December 11, 2007