July 24, 2014

Finance News-in-Brief

Association News

Association of Fundraising Professionals Foundation for Philanthropy has received a two-year grant of $135,000 from the StubHub Foundation, to analyze and benchmark special events, and develop tools and resources to help charities invest and plan for this type of fundraising. Research findings will identify changes and trends in special events management.

A former chairman of the National Association of Personal Financial Advisors was sentenced last week to 16 years in prison for fraud and money laundering. Mark Spangler, who was NAPFA chairman in the late 1990s, was sentenced for funneling $47.7 million of clients’ money into two startup companies that he co-founded when he said he would invest primarily in publicly traded securities.

The IRS has corrected a revenue procedure issued in early 2014 to make it clear that organizations may continue to request expedited processing of applications for tax-exempt status and other exempt organization (EO) determination letters. See IRS Rev. Proc. 2014-19.

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