In This Issue:
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First Anniversary of the E-Newsletter! |
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Congress, IRS Stepping Up Scrutiny of Nonprofits and Non-Cash Gifts |
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2004 Economic Forecasts Looking Better and Better |
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Please Share With a Colleague! |
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Featured Links:
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First Anniversary of the E-Newsletter!
December marks the first anniversary of the Sumption & Wyland E-Newsletter. Thank you for your support, encouragement, and suggestions. The subscriber base has grown – a lot – since the inaugural issue, and continues to grow:
* subscribers come from 30 states and 10 countries
* subscribers include nonprofit executives and program managers, board members, professors and teachers, and members of the general public interested in nonprofits and charities
* there are twice as many female as male subscribers
* the six most popular newsletter topics are fund raising, grants, strategic planning, public policy, board issues/governance, and facilitation.
Articles over the past year have included:
* 2004 Nonprofit Sector Forecast
* Happy New Year! What’s Your Plan?
* Nonprofit Mergers – Seldom the Right Move
* CARE Act Stalled in Congress
* Strategic Planning from a Development Perspective
* Hourly Value of Volunteers Increases to $16.54
* Web Sites for Grants Research
* Seven Member Characteristics of a Strong Board
* Do Foundations Give too Little?
* Ten Questions to Ask Yourself When Seeking Program Grants
* Your Public is Curious...What Do You HAVE To Tell Them?
* Term Limits: Only ‘Perfect’ Boards Can Do Without Them
Because most people don’t like receiving long e-mail newsletters, our articles and features are brief and often point to more detailed information available on our web site. Past newsletter issues, as well as this more detailed supporting material, are available on our web site at www.sumptionandwyland.com.
A final note: Subscriptions are still free, and we have no plans to change that. Subscribers’ privacy is protected, and we will ABSOLUTELY NOT change that! This e-newsletter is a free, hassle-free, and advertising-free service to our subscribers and web site visitors.
We value the opportunity to communicate with you on topics of mutual interest. So we end as we began, by thanking you for subscribing. Please continue sharing your opinions, needs, and ideas with us. Thanks!
Congress, IRS Stepping Up Scrutiny of Nonprofits and Non-Cash Gifts
The IRS has announced that it’s dedicating 20 new agents to reviewing recent Form 990 filings as part of a plan to step up review of charities. Many Forms 990 are improperly filled out, and some indicate implausible scenarios, such as significant fund raising revenues with little or no reported fund raising expense. When questions arise, the IRS will first make a “soft contact” by letter to request clarification of reported activity.
The New York Times reports that U.S. Sen. Charles Grassley (R-IA), who heads the Senate Finance Committee, will be reviewing auto donation programs and other gifts of non-cash items to charity. Donations of non-cash assets account for about 30 percent of gifts.
The article reports that “Vehicle donations cost the government $654 million in tax revenue in 2000, but the study suggests that charities received less than 5 percent of the value donors claimed in two-thirds of 54 donations to four charities that gave information to the agency...A committee staff member said it would probably consider a measure limiting the deduction vehicle donors can claim to the amount charities receive for the vehicles.”
The Finance Committee’s review will not be limited to vehicle donations. “"We are looking at boats, planes, land, art, patent donations, pharmaceuticals," the staff member said. "All those things are open to abuse."
2004 Economic Forecasts Looking Better and Better
Last month, when we released our 2004 Forecast for the Nonprofit Sector, we made mention of the improving economy and its likely effects on giving. Subsequent economic reports are proving even our rosy forecasts to be conservative.
The Conference Board predicts that 2004 will be the best economic year in 20 years, with GDP growth averaging 5.7%. Although jobs are slow in coming back to an economy that has expanded by 4.8% in 2003, there is recent good news on that front, too. Unemployment is beginning to decline, new jobless claims are down, and more than 250,000 new jobs have been created in the past two months alone, according to U.S. government figures.
It’s unclear whether these good indicators will spur end-of-year giving in 2003, but 2004 should see strong giving, especially by individuals.
Please Share With a Colleague!
Please feel free to copy or e-mail this free e-newsletter for a friend or colleague. Our sign-up box is on our web site's home page. Remember, we don't sell, rent, or give away access to your e-mail or subscriber information.
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