December 1-31, 2010

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Lead Stories

Directors, Officers Not Personally Liable To Creditors for Closing Nonprofit Home

Court finds no evidence of bad faith or fraud in actions leading up to bankruptcy filing

Deferred Charitable Gift Annuity Excluded from Bankrupt’s Estate

Court says arrangement qualifies as spendthrift trust under Uniform Trust Code

Courts Say Will Does Not Direct Specific Use of Gift to University

Money left for separate women’s “college” at Tulane may be used for women’s “institute” after reorganization
To the Point

Is that true?

The Finance Committee of our 501(c)(3) is dragging its feet on a proposal to offer our fundraiser on a shopping cart web site (cost of which is being donated to the group) which we would tie in with our regular web site. The site would also allow members to pay dues, as well as offer the public the option to make donations with their credit or debit cards. They feel it would jeopardize our 501(c)(3) standing. Is that true?