IRS audit of Harvard underway...

January 13, 2010

As part of a larger review of nonprofits' tax-exempt status, the IRS has begun an audit of Harvard University and 39 other colleges, Bloomberg reported Jan. 11 (see Harvard audit story). Auditors aim to determine if tax-exempt status should apply to income generated by activities outside schools' educational missions.

Facing funding shortfalls, some Canadian universities are considering selling bonds in order to raise money, Bloomberg reported Jan. 11 (see Canadian universities story). Among those considering debt financing are Queen's University and the University of British Columbia.

Solomon Jackson Jr., a pastor and retired South Carolina state employee, has donated $10 million of in lottery winnings to his alma mater Morris College, the largest gift in the school's history, The Boston Herald reported Jan. 8 (see lottery donation story). Jackson won $259.9 million last summer and is taking his winnings in installments.

Year-end giving for 2009 was mixed for U.S. charities, with some bringing in more than anticipated while others saw large drops, The Chronicle of Philanthropy reported Jan. 11 (see year-end giving story). Catholic Charities saw December giving grow 21 percent, but the Salvation Army's 2009 Red Kettle effort was down 11 percent over 2008.

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