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Essay / Research Paper Abstract
This paper attempts to examine legal bases for gifts to non-charitable unincorporated associations. The general trend of the paper is that such gifts cannot be considered tax-free, except in specific circumstances. Bibliography lists 6 sources.
Page Count:
5 pages (~225 words per page)
File: D0_MTnoncha.rtf
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Unformatted sample text from the term paper:
way to protect their assets while doing something for other people. As with many things involving money, however, financial and asset gifts to associations tend to be hemmed in with
a variety of rules and regulations that must be followed in order to retain tax advantages. The purpose of this paper is to determine the legalities of gifts to non-charitable
associations (mainly non-profit) and what difficulties and objections can occur because of such gifts. The paper will also touch on what should be done to avoid such problems.
In defining associations (non-profit organizations), the law, at least in the United States, is fairly definite. In its simplest sense, a non-profit organization is
one that is organized and designed for purposes other than generating profit (Cornell University, 2002). In such an association, no part of the organizations income is distributed to members, directors
or officers, and they can take many forms, including corporations, individual enterprises, unincorporated associations, partnerships and foundations (Cornell University, 2002). Non-profit organizations include churches, public schools, public charities, clinics and
hospitals, political organizations, legal aid societies, volunteer services organizations, labor unions, professional associations, museums and even some governmental agencies (Cornell University, 2002). When it comes to gifting to non-profits, however,
the laws differ based on whether that organization is a charity or a non-charity. An unincorporated association, in the meantime, is
defined as ". . . two or more persons bound together for one
or more common purposes, not being business purposes, by mutual undertakings, each having mutual duties and obligations, in an organization which has rules which identify in whom control of it
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