Author: Associated Press Staff Writer

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Media Type: Periodical (article)

Summary:

There are 22,000 public charities and several thousand private foundations in Massachusetts that have more than $429 billion in assets. Though Massachusetts is considered one of the best states in the nation at regulating foundations, neither the state nor the Internal Revenue Service (IRS) has a sufficient system to keep track of private charitable foundations. Because of this, the exact number of these foundations is unknown and fiscal abuses go unnoticed. Though severe penalties are serve if abuse is discovered, the IRS audits fewer than 120 foundations in the each year.

Abstract:

There are 22,000 public charities and several thousand private foundations in Massachusetts that have more than $429 billion in assets. Though Massachusetts is considered one of the best states in the nation at regulating foundations, neither the state nor the Internal Revenue Service (IRS) has a sufficient system to keep track of private charitable foundations. Because of this, the exact number of these foundations is unknown and fiscal abuses go unnoticed. Though severe penalties are served if abuse is discovered, the IRS audits fewer than 120 foundations in the each year.

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