NONPROFIT PRIVATE FOUNDATIONS ARE YOU SELF-DEALING?
Nonprofit Directors, are you self-dealing? If so, you may subject your company to loss of tax exempt status and or fine. The Trump Foundation admitted to self-dealing and has been fined and ordered to stop fundraising by the Attorney General of New York.
Internal Revenue Code section 4941(d) describes Self-Dealing as:
- Sale or exchange or leasing of property
- Lending of money or other extension of credit
- Furnishing of goods, services or facilities
- Payment or compensation
- Transfer to, or use by or for the benefit of a disqualified person of the asset of a foundation
- Certain payments to government officials
Contact MCINTOSH LLC for an audit, tax, and accounting review. McIntosh LLC is a business management, tax, and accounting firm in association with Triplett CPA.