September 16, 2004
IRS Gives Advice on Supporting Groups
The Internal Revenue Service is giving its agents new advice on how to process applications from groups seeking charity status as supporting organizations.
Supporting organizations are designed to finance the work of specific charities. Many universities and other large nonprofit groups have supporting organizations that generate revenue for them by investing in stocks or by operating businesses.
In some cases, wealthy people who want to set up their own philanthropies use
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