Compensation in United States Compensation Definition (Lat. compendere, to balance). Indemnification ; recompense. Something to be done for or paid to another of equal value with something of which he has been deprived by the act or negligence of the party so doing or pajring. That which […]
Due Diligence in the United States Due Diligence in Environmental Law See innocent purchaser.
Based on "Environment and the Law. A Dictionary". Basic Meaning of Due Diligence Due Diligence means: the attention reasonably expected from, and ordinarily exercised by, a person who […]
Equity in the United States Decisions based on a judge's sense of fairness rather than strict common law standards. The equity model permits judges to issue remedies in civil cases based on equitable principles that are outside or that supplement common law. Some of the flexibility of equity […]
Definition of Office of Management and Budget (OMB) Circular A-133 A concept of Office of Management and Budget (OMB) Circular A-133 applicable in the United States: The instructions provided by the Office of Management and Budget (OMB) regarding audits of states, local governments, and […]
Definition of Whistleblower Protection Policy (in Charity Law) A concept of Whistleblower Protection Policy in the context of charitable ogranizations applicable in the United States is provided here: A policy to encourage staff and volunteers to come forward with credible information on […]
Definition of Sponsoring Organization A concept of Sponsoring Organization applicable in the United States: A sponsoring organization is a public charity that maintains, owns, and controls one or more donor-advised funds. See also Donor-advised fund; Public Charity. Substantial Contributor. A […]
Definition of Uniform Prudent Investor Act (UPIA) A concept of Uniform Prudent Investor Act (UPIA) applicable in the United States: Model legislation approved in 1994 by the National Conference of Commissioners on Uniform State Laws to govern the investment practices of fiduciaries. UPIA is […]
Definition of Form 8282 A concept of Form 8282 applicable in the United States: The IRS form that charitable organizations must file if they sell or dispose of donated property valued at $5,000 or more (based on the value claimed by the donor on Form 8283) within two years of receiving the […]
Definition of Section 509(a) A concept of Section 509(a) applicable in the United States: The section of the Internal Revenue Code that defines the rules for determining that an organization is a public charity (as opposed to a private foundation) and thereby eligible to receive tax-deductible […]
Nonprofit Corporation in United States Plain-English Law Nonprofit Corporation as defined by Nolo’s Encyclopedia of Everyday Law (p. 437-455):A business structure that allows people to come together to obtain support for an organization (such as a club) or for some public purpose (such as a […]
Inclusion in the United States Executive Order 13583 Executive Order in relation with Establishing a Coordinated Government-wide Initiative to Promote Diversity and Inclusion in the Federal Workforce (August 18, 2011): By the authority vested in me as President by the Constitution and the […]
Definition of Intermediate Sanctions (in Charity Law) A concept of Intermediate Sanctions in the context of charitable ogranizations applicable in the United States is provided here: The name given to Section 4958 of the Internal Revenue Code that allows the IRS to impose penalties on the […]
Definition of Disqualified Person A concept of Disqualified Person applicable in the United States: For public charities, a disqualified person is someone who, at any time during the fiveyear period ending on the date of the transaction in question, was in a position to exercise substantial […]
Private Foundation in the United States The private foundation in the United States is an institution operated exclusively to further its charitable purpose, we often think about philanthropy’s ability to make grants, convene, and build partnerships, but don’t always consider its investment […]
Definition of Non-Operating Foundation A concept of Non-Operating Foundation applicable in the United States: A private foundation that furthers its charitable purposes primarily by making grants to support charitable programs conducted by other organizations. See also Operating Foundation. […]
Excise Tax in the United States United States Constitution According to the Encyclopedia of the American Constitution, about its article titled 249 EXCISE TAXIn its original meaning an excise was a tax on goods manufactured or produced within the taxing country, as opposed to a duty or impost […]
Definition of Volunteer Protection Act of 1997 A concept of Volunteer Protection Act of 1997 applicable in the United States: . 105-19. Federal law that limits liability of uncompensated volunteers, including board members, for injuries caused by negligent conduct of the volunteer while acting […]
Recognition of Exemption in the United States Application for Recognition of Exemption Under § 501 and Tax Law There are more details about Application for Recognition of Exemption Under § 501 in thetax compilation of the legal Encyclopedia. Definition of Form 1023 Application for Recognition […]
Definition of Premium Travel (in Charity Law) A concept of Premium Travel in the context of charitable ogranizations applicable in the United States is provided here: According to federal regulations, premium travel is any class of accommodation above coach or economy class, such as first or […]
Fiduciary Duty in the United States Fiduciary Duty: Main Elements The coverage of Fiduciary Duty includes the following element(s): Fiduciary Duty Find out an overview of this topic, in relation to Fiduciary Duty, in the legal Ecyclopedia. References See Also Business Law Business […]
Definition of Sarbanes-Oxley Act of 2002 A concept of Sarbanes-Oxley Act of 2002 applicable in the United States: Signed into law in July 2002 in response to corporate scandals, the Sarbanes-Oxley Act imposes obligations and penalties on corporate officers and directors of publicly traded […]
Definition of Excess Benefit Transaction (in Charity Law) A concept of Excess Benefit Transaction in the context of charitable ogranizations applicable in the United States is provided here: An economic benefit provided by a public charity to a disqualified person that is determined to be in […]
Definition of Financial Review (in Charity Law) A concept of Financial Review in the context of charitable ogranizations applicable in the United States is provided here: An examination of an organization's financial records and practices by an independent accountant with the objective of […]
Self-Dealing in the United States Prohibition on Self-Dealing Explained References See Also Business Law Definition of Self-Dealing A concept of Self-Dealing applicable in the United States: Any financial transaction between a private foundation and its disqualified persons, other than […]
Definition of The Pension Protection Act of 2006 A concept of The Pension Protection Act of 2006 applicable in the United States: (P.L. 109-280) enacted new restrictions on the administration of donoradvised funds. Resources See Also Charity Foundation NGOs
Financial Accounting Standards Board in the United States FASB is best known as an organization that creates the accounting standards that guide the practices of accountants and auditors in the U.S.. The FASB web siteincludes information on the Board, its activities and publications. As of […]
Public Charity in United States Public Charity Definition Any charity whose objects are undefined ; one for the benefit of an indefinite number of unselected persons. See Charitable Uses. Public Charity in Foreign Legal Encyclopedias LinkDescription Public Charity, Public Charity in the […]
Definition of Form 990-N A concept of Form 990-N applicable in the United States: Public charities with annual revenues of up to $50,000 are required to electronically file Form 990-N, an annual notice that indicates its legal name; mailing address; web site address; taxpayer identification […]
Legislative History of the Tax-Exempt Sector in the United States The structure of tax exemption granted to the charitable and voluntary sector outlined in the United States Tax Code was developed through legislation enacted between 1894 and 1969. Over that 75-year period, Congress […]
Impact Investing in the United States The idea behind impact investing is that it generates measurable, beneficial social or environmental impacts alongside financial returns. A report from J.P. Morgan and the Global Impact Investing Network (GIIN) of 125 major fund managers, foundations, […]
Definition of Uniform Prudent Management of Institutional Funds Act (UPMIFA) A concept of Uniform Prudent Management of Institutional Funds Act (UPMIFA) applicable in the United States: Model legislation approved in July 2006 by the National Conference of Commissioners on Uniform State Laws […]
Definition of Donor-Advised Fund A concept of Donor-Advised Fund applicable in the United States: Section 4966(d)(2) of the federal tax code defines a donor-advised fund as a fund or account that is owned and controlled by a sponsoring charitable organization, is separately identified by […]
Definition of Corporate Foundation A concept of Corporate Foundation applicable in the United States: A private foundation that receives its primary funding from a profitmaking business. The foundation is a separate, legal charitable organization even though it often maintains close ties with […]
Definition of Generally Accepted Accounting Principles (GAAP) (in Charity Law) A concept of Generally Accepted Accounting Principles (GAAP) in the context of charitable ogranizations applicable in the United States is provided here: The accounting principles set forth by the Financial […]
Definition of Section 501(c)(3) A concept of Section 501(c)(3) applicable in the United States: The section of the Internal Revenue Code that defines tax-exempt organizations eligible to receive tax deductible contributions. To qualify, an organization must be operated exclusively for […]
Tax Exempt Organizations in the United States Legal Materials Qualified tax-exempt organizations are listed by state in the SOI Tax Stats – Exempt Organizations Business Master File Extract (EO BMF). To double check an organization’s status, call the IRS at 1-877-829-5500. You can look up […]
Definition of Operating Foundation A concept of Operating Foundation applicable in the United States: A private foundation that uses the bulk of its income, usually earned from assets contributed by a single individual, family, or company, to provide charitable services or to run charitable […]
Definition of Form 990-EZ A concept of Form 990-EZ applicable in the United States: The IRS form that tax-exempt organizations (other than private foundations) that have annual revenues of more than $50,000 but less than $200,000 and total assets below $500,000 must file annually to report on […]
Definition of Annual Information Return A concept of Annual Information Return applicable in the United States: See Form 990, Form 990-EZ, Form 990-N, and Form 990PF. Resources See Also Charity Foundation NGOs
Definition of Form 8283 A concept of Form 8283 applicable in the United States: The IRS form that taxpayers must file with their annual tax return if they claim deductions for non-cash contributions with a total value of $500 or more. If the value of any single donated item or collection of […]
Appraisal in the United States Cap Rate (appraisal) in the context of Real Estate Resurces See Also Capitalization Rate Urar in the context of Real Estate Resurces See Also Uniform Residential Appraisal Report Definition of Appraisal (in Charity Law) A concept of Appraisal in the context […]
Fair Market Value in United States Fair Market Value Definition Market Value in this legal EncyclopediaFair Market Value definition in the Law Dictionary Fair Market Value in Foreign Legal Encyclopedias LinkDescription Fair Market Value, Fair Market Value in the World Legal Encyclopedia., […]
Equivalency Determinations in the United States In Tax Law: Nonprofit Organizations Private Foundations To avoid certain excise taxes under 26 CFR part 53 under chapter 42 of the Internal Revenue Code, a private foundation (referred to in this preamble as a “foundation” or “grantor”)[1] […]
Definition of Community Foundation A concept of Community Foundation applicable in the United States: A charitable organization that generally holds a number of permanent funds created by many separate donors, including donor-advised funds, all dedicated to the long-term charitable benefit of […]
Definition of Form 990 Series A concept of Form 990 Series applicable in the United States: Used in this report to refer to the four forms (Form 990, Form 990-EZ, Form 990-N, and Form 990-PF) filed annually with the Internal Revenue Service by charitable organizations. By law, a charitable […]
Definition of Compensation Committee (in Charity Law) A concept of Compensation Committee in the context of charitable ogranizations applicable in the United States is provided here: A committee authorized by the governing board to review and make recommendations or decisions regarding the […]
Definition of Financial Audit (in Charity Law) A concept of Financial Audit in the context of charitable ogranizations applicable in the United States is provided here: A formal examination of an organization's financial records and practices by an independent, certified public accountant […]
Definition of Lead Director A concept of Lead Director applicable in the United States: A board member appointed by the board to serve as chair during a particular board discussion or meeting to handle issues in which the chairperson has a conflict of interest. Resources See Also Charity […]
Definition of Supporting Organization A concept of Supporting Organization applicable in the United States: A public charity that is organized and operated to support other specified public charities, and is therefore not required to demonstrate that it receives at least one-third of its […]
Diversity in the United States Diversity Definition A plea by a convict, in bar of execution (according to the definition of Diversity based on the Cyclopedic Law Dictionary ); of diversity of person, i. e., that he is not the same person who was attainted. Read more about Diversity in the […]