September 1, 2011
Failed 9/11 Charities and Charity Regulation
Last week the Associated Press reported on several 9/11 charities that never produced promised benefits and in several cases benefited their founders or founders' companies. The article notes that the IRS revoked the tax-exempt status of almost four dozen 9/11 charities for failing to show how money was collected and spent, but the article is silent on whether the IRS investigated or penalized recipients of possibly improper financial penalties. A follow-up article notes that at least two states - Arizona and New York - have launched investigations into one or more the charities named in the initial report.
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