Promoting economic development is not, by itself, a charitable purpose. Grantmakers seeking to help people and communities achieve economic self-sufficiency must therefore find a connection between a proposed activity and one or more recognized charitable purposes. In this Legal Lunch Series, Suzanne and Bryan will discuss IRS rulings, court cases and activities proposed by members to help explain what is needed in order to make grants for economic development.
The Financial Action Task Force (FATF) has revised its Recommendation 8 on nonprofits to no longer characterize them as "particularly vulnerable" to terrorist abuse and made important changes to the Interpretive Note to this Recommendation. NPOs are now wondering how their countries will react to these revisions and how they can ensure that national implementation is beneficial to nonprofits and in line with FATF's new risk-based approach.
This member update will focus principally on important issues related to foundation financial management and endowment performance. We will look in depth at the Council's recent research on endowments and preview our upcoming Endowments and Finance Summit in New York City. We will discuss how members might better understand their own institution's financial management and investment performance in broader context.