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Feb 1, 2006 12:00 PM
Scandal Is a Good Teacher
A $15.8 million judgment against the former foundation president; a $5.8 million judgment against the corporate secretary; more than $500,000 in personal settlements with directors: So ended the 2004 trial of a lawsuit brought by the Texas attorney general against directors and officers of the Carl B. & Florence E. King Foundation. The case is on appeal and an appellate opinion, one of the first of its kind, is expected this summer. Should wealth advisors and foundation managers care?
Regulatory attention to charity executive compensation and conflicts of interest is on the rise. For more than three years, the nonprofit sector has endured national criticism that eventually may rival the turmoil that gave us the 1969 Tax Reform Act. We nonprofits must get our houses in order now — and advisors should lead the way.
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Topics of Interest
| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
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