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Nonprofit News  /   Archive: Private Foundations

Ray Charles Foundation Seeks $3M Gift Back

February 28th, 2012

Ray Charles gave the Albany State University a total of $3 million in 2001 for the construction of a performing arts center.  Albany State claims the gift was never restricted, however, the Foundation claims that Charles was “specific on how the money was to be spent.”  The building is expected to cost at least $23 [...]

Budget Cuts Creating Public-Private Partnerships

August 18th, 2011

The LA Times reported yesterday that the City of Los Angeles will be handing over the management of an animal shelter to a local nonprofit.  Proponents of the city’s actions argue that the hand over saved the city $3.3 million.  Opponents of the city’s actions argue for more transparency as to who will be the [...]

Property Exchange Between Private Foundation and Former Trustee

August 4th, 2011

In a private letter ruling recently released by the Service, the Service ruled that a private foundation that exchanged property with one of its former trustees did not engage in self-dealing.  The Service concluded that the former trustee of the private foundation was no longer a disqualified person because she had resigned from the foundation [...]

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