Friday, May 9, 2014

Prolanthropy: Managing Charities for Profit

ProlanthropyThe Chicago Tribune reports that the for-profit company Prolanthropy manages 21 nonprofits founded by professional athletes but may not have complied with at least some state registration requirements, both for itself and the charities that it manages.  The article quotes the company's owner as defending the charitable impact of the organizations it manages, which raised more than $4.2 million over the past three years, and the company's compliance with applicable laws.  The article also notes that the NFL Players Association is reviewing the company's activities.  The article further asserts that at least two of the company's clients publicly claimed section 501(c)(3) tax-exempt while their IRS applications were still pending.

Lloyd Mayer

http://lawprofessors.typepad.com/nonprofit/2014/05/prolanthropy-managing-charities-for-profit.html

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