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Wagenmaker & Oberly provides legal counsel to NONPROFIT ORGANIZATIONS across the nation with offices in Chicago and Charleston.
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Making Room: UBIT and Third-Party Facility Usage
September 22, 2022
If your nonprofit provides facility usage to another organization, could any fees charged then result in tax liability? This question of federal unrelated business income tax often becomes relevant to many nonprofit property owners, as they consider potential opportunities for revenue generation, wise stewardship of their resources, and property tax exemption too. This article is third in a series on third-party facility usage, building on the importance of a facility usage policy and making sure the organization’s real estate continues to qualify for property tax exemption.
NONPROFIT LAW NEWSFEED
How Congress Could End Tax Breaks For Gifts to Nonprofits With Political Agendas
09/21/2022
Forbes The recent decision by Yvon Chouinard, the founder of Patagonia, to contribute 98% of his $3 billion business, tax free, to a tax-exempt organization formed to combat climate change comes about a month after the New York Times also reported that the Chicago businessman Barre Seid gave his entire $1.6 billion business, tax free, to a similar organization that will question climate change and advocate for conservative causes.
Stanford wants 'educational' tax exemption for faculty homes
09/20/2022
Palo Alto Weekly Stanford University is seeking to reduce its tax burden on two faculty houses by claiming they are used for educational purposes.