Posted on
03.26.2020
in
Business,
News,
Nonprofit
Because of the COVID-19 pandemic, the U.S. Small Business Administration (“SBA”) now offers a program of economic injury disaster loans to private non-profits, as well as for-profit businesses that have suffered substantial economic injury as a result of the COVID-19 pandemic. Generally, substantial economic injury means the private non-profit or business is unable to meet its obligations […]
A so-called “home for the aged” can apply for real estate tax exemption under Section 5709.12 of the Ohio Revised Code. More familiar names for these homes may be residential care facility or nursing home. One requirement for exemption is that the facility “provide services for the life of each resident without regard to the resident’s ability […]
Posted on
01.08.2020
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Business,
News,
Nonprofit
The legalization and prescription of so-called “medical marijuana” is increasing on a state by state basis. In a recent IRS Private Letter Ruling (No. 201940008), the organization at issue sought to obtain 501(c)(3) tax-exempt status. The organization raised funds to assist individuals in financial need to help them pay for their prescribed treatment with medical marijuana. […]
NEW REAL ESTATE TAX BREAKS FOR COMMERCIAL PROPERTY Effective March 28, 2017, a new real estate tax exemption will be available for industrial and/or commercial real estate which is under development. The exemption is intended to benefit properties that have not yet, but will be, developed or redeveloped with new construction of commercial or industrial buildings. […]
Posted on
09.21.2016
in
News,
Nonprofit
Two Ohio court decisions have recently come to attention with regard to nonprofit organizations. One decision ruled that a grant making organization wishing to enforce any restrictive terms of the grant in the future must continue to exist as an entity (Asia Pacific Futures Research Symposium Planning Committee v. Kent State University, et al., 2016 […]
Posted on
01.01.2015
in
Nonprofit,
Publications
The new year is a good time to remind charities and their directors of the four basic fiduciary duties owed by a director to the charity in connection with serving on its board of directors: Duty of Care; Duty of Loyalty, Duty of Compliance, and Duty to Oversee Finances. 2015 – The Duties of Charity […]
Posted on
08.01.2014
in
Nonprofit,
Publications
Effective July 1, 2014, the IRS introduced a short form application for 501(c)(3) tax exempt status called the Form 1023EZ. This new application is three pages long compared with the somewhat daunting 26 page regular Form 1023. Generally, an applicant with gross annual receipts of $50,000 or less and assets of $250,000 or less may […]
