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General

Nonprofit Law: The Life Cycle of a Charitable Organization

Chapter 7: Foundations and Their Alternatives

  • The Figure 7-3 on p. 362. The sentence describing the Responsiveness Test should read: "Is the relationship between the organizations such that the supported organization has a significant voice . . ."
  • Page 363, par. 1 should end with "and other decisions concerning the supporting organization's income or assets."
  • Page 363, par. 2, sentence 2, part 2 should read: "by providing sufficient funding or other benefits to the supported organization, such that the supported organization will pay significant attention to the operations of the supporting organization."

Chapter 7 Teacher Manual:

  • p 134 - Excise Tax on Investment Income. The hypothetical states that the net investment income is $1,000,000 but the teacher's manual calculates the 2% tax based on $100,000. When the 2% is calculated on $1 million, the tax is $20,000.
  • p. 136. The answer to the Rochester United hypothetical should say: "The foundation, Sara, her parents and her siblings own 35% of Eastman Kodak. Thus, 15% of the stock would be considered an excess business holding, and unless they fall into one of hte exceptions, they face a tax of 10% of the value of that stock."
Chapter 12: Accountability
  • P. 637. The total revenues should be $3,500,000.