IRS Ruling Takes Aim at Impact Investing
By EsqSocial Corporation 21/10/20
What many in the nonprofit community would have expected to be a direct road for tax exemption for a new 501(c)(3) nonprofit organization has suffered a significant set-back. On October 9th, the Internal Revenue Service released Private Letter Ruling 202041009 (the “Ruling”), concluding that a nonprofit organization (the “Nonprofit”) that manages impact investment funds at below market fees is not a charitable organization. The ruling states that the Nonprofit was formed “exclusively for...
By: Polsinelli