Jump to navigation Jump to search For the use of the term fiscal federalism as applied to Scotland, see Full fiscal autonomy for Scotland. As a subfield of public economicsfiscal federalism is concerned with "understanding which functions and instruments are best centralized and which are best placed in the sphere of decentralized levels of government" Oates, In other words, it is the study of how competencies expenditure side and fiscal instruments revenue side are allocated across different vertical layers of the administration. An important part of its subject matter is the system of transfer payments or grants by which a central government shares its revenues with lower levels of government.
For answers to frequent questions, see the article " Not a Nonprofit? For individuals and organizations seeking a fiscal sponsor, The Foundation Center is a great resource. For locations, click here. On line, The Foundation Center has information directed to individuals here.
For a synopsis of Mr. Colvin's presentation on fiscal sponsorship, delivered to the Western Conference on Tax Exempt Organizations, Novemberin Los Angeles with chart and diagramsclick here. For fiscal sponsorship agreement forms, click here.
Brushes With the Law Date: January Looking back on the yearfiscal sponsorship became more of a topic of interest to government regulators — the Internal Revenue Service, the California Attorney General, and the California legislature.
An advisory committee to the IRS Exempt Organizations office recommended fiscal sponsorship as an alternative to the increasing number of nonprofit corporations being formed and seeking IRS approval of their c 3 exemption.
And the IRS itself, in the wake of Hurricane Sandy, as it had after Katrina, recommended use of existing organizations for community relief efforts, rather than forming new organizations. In California, the collapse of the International Humanities Center caused some members of the state Assemby to take a closer look at fiscal sponsorship, resulting in legislation to detect those charities with restricted funds and negative unrestricted funds, requiring them to report to the AG and have insurance in place.
Also, fiscal sponsors need to be more aware of how their projects may fall within the definition of "donor-advised funds" under the Internal Revenue Code, depending on the donor's role in the project. Doing Right by the Projects: March Recent news in the nonprofit press about the reported collapse of International Humanities Center IHCa fiscal sponsor organization based in California, has raised real concerns in the philanthropic world.
Projects sponsored by IHC received correspondence from IHC indicating that it was unable to make disbursements in response to their check requests for money to cover current project expenses.
Donations made to IHC, restricted to the purposes of certain charitable projects, were not available when needed by the projects. The most extensive coverage has appeared in a two-part article by Rick Cohen, published in Nonprofit Quarterly in February.
The story also ran in the Los Angeles Times. This is not the first time such a thing has happened. In my book, Fiscal Sponsorship: While the full story and the future of IHC may not be clear right now, many are asking: What can be done to prevent this from happening?
I suggest that sponsors take these precautions—and that projects watch to make sure they do: Make it clear everywhere—in the fiscal sponsorship agreement, in writing to donors, and on Form —that the sponsor treats funds received for the purposes of a project as restricted under the charitable trust doctrine.
The sponsor can obtain unrestricted funds by charging administrative fees, but otherwise the funds dedicated to the purposes of one project may not be used to pay the expenses of another, or to pay the sponsor's general overhead.
Each restricted fund belongs to the sponsor, not the project. However, each project fund is impressed with a trust commitment "for the charitable purposes of" the project, and the sponsor has the legal duty to honor that trust.June 22, | EPI Briefing Paper # Reviving full employment policy Challenging the Wall Street paradigm.
by Thomas Palley. Download print-friendly PDF version. The Public Inspection page on srmvision.com offers a preview of documents scheduled to appear in the next day's Federal Register issue. The Public Inspection page may also include documents scheduled for later issues, at the request of the issuing agency.
Fiscal Policy how governments adjust taxes and spending to moderate the economy. Fiscal Policy is the sister strategy to monetary policy, through which a central bank influences a nation's money.
The income statement is one of three financial statements that stock investors need to become familiar with (the other two are balance sheet and cash flow statement).
Understanding an income. Concept. The Democracy Barometer is a new index of democracy. It aims to overcome the conceptual and methodological shortcomings of existing measures, in order to measure the subtle differences in the quality of established democracies.
The purpose of this Request for Information (RFI) is to solicit feedback from utilities (investor-owned, municipal, and electric cooperative), the solar industry, academia, research laboratories, government agencies, and other stakeholders on issues related to the net valuation of solar photovoltaics (PV) and innovative cost-effective distributed solar PV deployment models.