What the person who wrote that understands about the tax code is less than what she doesn't know.
The 2013 tax return (990), assuming it is a calendar year filing, is due on May 15 but can be extended until Aug 15, which is very common. Even then, it would take time for Guidestar to acquire it and publish it. Much of the tax returns they publish are acquired directly from the IRS under the FOIA. It takes time for the IRS to enter the tax return and then respond to the FOIA request. Most tax information on Guidestar for charities have a significant delay of that nature.
Charities are required to use 5% of their assets for their charitable purposes each year. You may think 50% of their revenue is appropriate, but it is not the legal requirement. Most charities balance building their endowment with their current charitable distribution goals. Both are legitimate goals.
As to the legitimacy of a loan to WTC, that would be an issue if they were a "disqualified party", which I do not see that they are.
As to having the foundation help drive business to the for-profit side, this is common. Gambling websites do this extensively. For-Profit universities do this. Sports franchises do this. Fortune 500 companies do this.
The 2013 tax return (990), assuming it is a calendar year filing, is due on May 15 but can be extended until Aug 15, which is very common. Even then, it would take time for Guidestar to acquire it and publish it. Much of the tax returns they publish are acquired directly from the IRS under the FOIA. It takes time for the IRS to enter the tax return and then respond to the FOIA request. Most tax information on Guidestar for charities have a significant delay of that nature.
Charities are required to use 5% of their assets for their charitable purposes each year. You may think 50% of their revenue is appropriate, but it is not the legal requirement. Most charities balance building their endowment with their current charitable distribution goals. Both are legitimate goals.
As to the legitimacy of a loan to WTC, that would be an issue if they were a "disqualified party", which I do not see that they are.
As to having the foundation help drive business to the for-profit side, this is common. Gambling websites do this extensively. For-Profit universities do this. Sports franchises do this. Fortune 500 companies do this.
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CPA_Triathlete: Nov 19, 14 6:19