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From: Philanthropy Today
Subject: How to Win General Operating Support
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Large national foundations from across the political spectrum are working together to counter a possible attempt by the Trump administration to revoke their tax-exempt status. Philanthropies including the Ford, Gates, and Charles Koch foundations “are discussing possible ways to respond,” such as whether to “seek legal representation as a class or individually should their tax status come under fire,” sources told the Wall Street Journal. The effort began after President Trump signed a Jan. 21 executive order targeting for possible investigation large foundations that support diversity, equity, and inclusion programs. “Part of the goal is to make foundations an unattractive target for the administration because they are organized,” sources said. (Wall Street Journal — subscription)
House Republicans are considering levying hefty taxes on foundation endowments and increasing the taxes on university endowments, as they draft legislation for a sweeping tax overhaul. One proposal would institute a graduated tax, starting at 1.4 percent on investment income for foundations with assets under $50 million and reaching 10 percent for foundations with assets of more than $1 billion, sources told Politico. Another draft bill would replace the current 1.4 percent rate on university endowments with a tiered set of rates as high as 14 percent to 21 percent, sources told Bloomberg. One source said Republicans want “to ensure that universities spend their endowments on their students and not on other initiatives disfavored by conservatives, such as diversity, equity, and inclusion efforts or on challenging the Trump administration’s policies.” (Politico and Bloomberg — subscription)
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