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to grant legal existence through NFP incorporation laws, charitable trusts, or limited liability companies. To represent public beneficiaries of charities and contributors. Detecting cases when managers or directors have diverted resources, mismanaged, or defrauded the charity and the public.
14-3 14-4 A private foundation receives its support from a small number of individuals or corporations and investment income rather than from the public as a large, whereas Public charities are funded, operated, monitored by the public at a large than by a limited number of donors. NFPs that are tax-exempt under IRC Sec. 501, Private Foundations The form filed depends on the size of the organization.
14-5 The amount an NFP can expend on lobbying without being subjected to taxes or jeopardizing its tax-exempt status is based on the annual amount the NFP expends on the tax-exempt purpose, and limited grass-roots lobbying.
14-8 Because the penalties assessed when a transaction confers a substantial benefit on a disqualified person.
14-10 Articles of incorporation, by-laws, minutes of the board meeting. They establish the charitable or exempt purpose for which the organization was organized and for which it should be held accountable.
Problems 14-1 1. B 2. C
D 9. C 7. 2. A 10. A 8. B 14-4 1. B 6. 3. A 4. 6. UBIT NO UBIT NO UBIT UBIT UBIT NO UBIT NO UBIT . D 5. 5.3. 4. 7.