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NYT - One-Fourth of Nonprofits Are to Lose Tax Breaks
http://www.nytimes.com/2010/04/23/us/23exempt.html?scp=1&sq=non...
As many as 400,000 nonprofit organizations are weeks away from a doomsday. At midnight on May 15, an estimated one-fifth to one-quarter of some 1.6 million charities, trade associations and membership groups will lose their tax exemptions, thanks to a provision buried in a 2006 federal bill aimed at pension reform.
“It’s going to be an unholy mess once these organizations realize what’s happened to them,” said Diana Aviv, president of the Independent Sector, a nonprofit trade group.
The federal legislation passed in 2006 required all nonprofits to file tax forms the following year. Previously, only organizations with revenues of $25,000 or more — or the vast majority of nonprofit groups — had to file.
The new law, embedded in the 393 pages of the Pension Protection Act of 2006, also directed the Internal Revenue Service to revoke the tax exemptions of groups that failed to file for three consecutive years. Three years have passed, and thus the deadline looms.
More . . .
http://www.nytimes.com/2010/04/23/us/23exempt.html?scp=1&sq=non...
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OPPORTUNITY + EQUITY
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Open Street Project
Local Initiatives Support Corporation
Laying the Cash Tracks for Community Impact
LISC CFO Christina Travers is among the impact investing leaders who contributed commentaries to a new book, The Social Justice Investor, and joined a panel discussion at today’s book launch. In her essay, “Laying the Cash Tracks,” (reprinted here) she explains the evolution of LISC’s capital markets experience—noting how discouraging Wall Street conversations eventually led to transformative, community-focused investments.Sharing the Story of Social Justice Investing
With the launch of the new book, The Social Justice Investor, LISC’s Christina Travers reflects on the ways that CDFIs have tapped the capital markets to deepen their impact—working to upend lingering misconceptions among some investors. "Whether we are financing affordable housing, small businesses, health, safety, climate resilience, racial equity or jobs, we see financial performance and local impact as part of the same whole."EPA Awards GRID Alternatives Solar for All Grant
LISC partner GRID Alternatives has been awarded a $249,800,000 Solar for All grant from the EPA to advance renewable and clean energy sources for affordable housing communities across the country. “The grant is an incredible boon to the movement to decarbonize homes and lower energy costs that burden millions of everyday Americans,” said Michael T. Pugh, president and CEO of LISC.
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