NOTES -- DEC/EC Meeting
Monday, March 7, 2011 -- 11:00 – 12:00
Bldg. 50, conference room 1227 & 1233
Items for Discussion/Presentations:
If the entity is a private foundation under the US tax code, then certain highly paid employees may not receive compensation from the foundation. This may be the case for foreign private foundations as well. However, foreign private foundations are not typically listed as such on the IRS Publication 78 website ( http://www.irs.gov/app/pub-78). To determine if the tax on self-dealing applies to payments from a private foreign foundation, contact the foundation’s counsel. Unless it receives substantially (85% or more) all of its resources/support comes from outside the US, the tax will apply.
If it is a private foundation, travel reimbursement may be accepted. However, the exception only permits reimbursement if the travel is WITHIN the US – opposite of the Foreign Gift and Decorations Act exception (for travel wholly outside of the US).
Announcements:
Posted 4/12/11