Venture Philanthropy Deal OkayedVenture Philanthropy Deal Okayed
From David T. Leibell and Daniel L. Daniels, partners of Cummings & Lockwood LLC in Stamford, Conn., we have this update: IRS approves private foundation's venture philanthropy strategy for assisting minority-controlled businesses. The IRS recently issued a ruling that's notable because it highlights a trend known as venture philanthropy, in which private foundations attempt to leverage their value
April 1, 2006
Rorie M. Sherman Editor in Chief
From David T. Leibell and Daniel L. Daniels, partners of Cummings & Lockwood LLC in Stamford, Conn., we have this update:
IRS approves private foundation's venture philanthropy strategy for assisting minority-controlled businesses. The IRS recently issued a ruling that's notable because it highlights a trend known as “venture philanthropy,” in which private foundations attempt to leverage their value in the community by partnering with private individuals and businesses. In PLR 200610020 (issued March 10), the Service ruled that a private foundation's investment in a venture philanthropy fund (the fund) didn't violate the IRC Section 4944 prohibition against jeopardy investments. The private foundation want...
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