IRS Rulings on Set-Asides and Grants

On July 1st the IRS issued three rulings regarding set aside programs and educational grants. They are as follows:

Number 201627005, Summary: The IRS approved a private foundation’s set-aside program and concluded that it had established good cause to extend the payment period for it, granting the foundation an extension to pay out the set-aside amount.

Number 201627004, Summary: The IRS approved the educational grant procedures of a foundation that furthers work of charitable agencies providing healthcare services to vulnerable populations and ruled that expenditures made under the grant procedures won’t be taxable.

Number 201627003, Summary: The IRS ruled that educational grants made by a private foundation to promote health and build the nation’s health and healthcare workforce will not be taxable.

Posted by Allison Trupp, Associate Editor, Wealth Strategies Journal