The End Of Endowments?

The economic swells of the last 18 months stress-tested the system of charitable endowments. Headlines announced spectacular losses to these long-term funds. My favourite was the headline to a Vanity Fair article that chronicled “Harvard’s Big, Dumb Financial Train Wreck.” The world biggest endowment lost $11 billion of its $36.9 billion.1 While it is tempting…

The Philanthropist—Annotated Bibliography

Levis, Fern (deceased) (1972). The Protection of Charities in Ontario. The Philanthropist/Le Philanthrope, 1(1), 11-21. Keywords: Public Trustee of Ontario; Charities Accounting Act; The Mortmain and Charitable Uses Act; Charitable Gifts Act; The Corporations Act Abstract: In Ontario, the machinery for the protection of charity is available, although rather rusty in parts. A higher degree of…

Considerations in Corporate Giving

This article is an edited version of a paper presented at the National Symposium on Charity Law, May 10, 2007, Toronto.  This article addresses certain tax aspects of corporate giving, specifically, the tax aspects of giving that are specific to corporations as opposed to individual donors. Accordingly, it is not an exhaustive review of the tax…

Charities and the Rule Against Perpetuities

Introduction Charitable status is a legally privileged status. The law in numerous ways, ranging from the trivial1 to the noteworthy,2 confers legal advantages upon charities. These legal advantages are often misunderstood. This is true in terms of the technical dimensions to the various advantages. It is also true at the more fundamental level of understanding…

Index to Volume 20 of The Philanthropist

PREPARED BY MAURA BROWN, MA Subject Index A ACCOUNTABILITY. Religious activities Religious persons and religious institutions 2006(Vol. 20, No. 2), pp. 87–89 ACCOUNTABILITY. Religious institutions Tort accountability for religious activities 2006(Vol. 20, No. 2), pp. 87–130 ADVANCEMENT OF RELIGION As a head of charity 2007(Vol. 20, No. 4), pp. 257–93 ADVANCEMENT OF RELIGION Head of…

New Disbursement Quota Rules Under Bill C-33

Introduction The disbursement quota is a prescribed amount that registered charities must disburse each year in order to maintain their charitable registration. The purpose of the disbursement quota is “to ensure that most of a charity’s funds are used to further its charitable purposes and activities; to discourage charities from accumulating excessive funds; and to…

Gifts, Partial Gifts, Split Receipting, and Valuations

Introduction: The Meaning of “Gift” Common Law The meaning of “gift” has important implications under the Income Tax Act (Canada),1 and the term appears in several sections in the Act. In particular, it appears in sections 110.1 and 118.1, which grant a deduction or a credit for the fair market value of a gift made…

New CRA Policy on Umbrella Organizations

Introduction This article provides a brief overview of the draft policy entitled Guidelines for the Registration of Umbrella Organizations (“Guidelines”) that was released by Canada Revenue Agency (“CRA”) on July 29, 2005. The Guidelines discuss the eligibility of umbrella organizations for charitable registration and are available on CRA’s Web site at <http://www.cra-arc.gc.ca/tax/charities/ consultations/umbrella-e.html>. What is…

Donor-Advised Funds in the U.S.: Controversy and Debate

This article is an edited version of a paper that was written for the McGill-McConnell Program: Master of Management for National Voluntary Sector Leaders. “It is no longer enough to do nice things with your philanthropy—it is time to do the important things.” – Peter Goldmark, former president, Rockefeller Foundation1  GLOSSARY Charity or public charity: One…