President Signs Charitable Package Into Law... As Council on Foundations Presses for Immediate Guidance from Treasury

Today, in a ceremony at the White House, President Bush signed into law legislation (H.R. 4) that includes a package of charitable incentives and reforms. So, the clock is now ticking on the incentives, which last only 17 months, and on the reforms, several of which take effect immediately or are retroactive.

Meanwhile, the Council on Foundations sent a letter to the Department of Treasury yesterday requesting immediate guidance on a number of provisions in the charitable package, including the ban on payments by supporting organizations to substantial contributors and persons related to them, the requirement of private foundations to exercise expenditure responsibility when making grants to Type III supporting organizations and the ban on reimbursing donors and advisors for expenses incurred for the benefit of their funds.