July 24, 2003

Charities Report $4-Billion in Business Income

By Elizabeth Schwinn

Charities in 1999 reported $4-billion in business income not related to their charitable missions, according to a new study by the Internal Revenue Service.

That's a drop of $125-million from the amount of unrelated-business income charities reported in 1998.

The money accounted for a little over half of the $7.7-billion claimed in 1999 by all nonprofit groups, said the revenue service. A total of 11,614 nonprofit groups reported the unrelated-business income.

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