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Financial and Accounting Guide for Not-for-Profit Organizations, Eighth Edition 2014 Supplement by John H. McCarthy, Nancy E. Shelmon, John A. Mattie

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CHAPTER 27

Principal Tax Requirements

27.3 Tax Status of Charitable Organizations: Public Charity or Private Foundation

(b) Private Foundations

27.4 Other Concerns for Charities

(a) Unrelated Business Income

(iii) Advertising Income

(viii) Tax Rates on Unrelated Business Income

(d) Charitable Contributions

(v) Tax Consequences of Gifts of Securities to a Private Foundation

27.5 Private Foundations

(a) Excise Tax on Investment Income

(b) Distribution of Income

27.8 Recognition of Exemption and Annual Reporting to IRS

(a) Initial Recognition of Exemption

27.9 Federal Information and Tax Return Filing Requirements

(a) Overview of Annual Information Reporting and Failure to File Annual Return (Form 990, 990-EZ, 990-N, 990-PF)

(ii) Penalties for Failure to File Annual Return (Form 990, 990-EZ, 990-N, 990-PF)

(iii) Automatic Revocation of Tax-Exempt Status

27.12 Restrictions on Supporting Organizations

(c) Restrictions Applicable Only to Type III Supporting Organizations

27.14 IRS Audits and Compliance Programs (New)

27.3 Tax Status of Charitable Organizations: Public Charity or Private Foundation

(b) Private Foundations

p. 505, n. 8 should read:

See detailed discussion of private foundations in Sections 27.5 and 27.6.

27.4 Other Concerns for Charities

(a) Unrelated Business Income

(iii) ADVERTISING INCOME

p. 508, third line from top of page. Delete hyphen from “tax-ability.”

(viii) TAX RATES ON UNRELATED BUSINESS INCOME

p. 509, n. 12 should read:

For a discussion of the calculation ...

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