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• W283121262 abstract "EXECUTIVE SUMMARY * Private foundations must distinguish between what are sometimes called mission-related investments and program-related investments (PRIs). PRIs enable private foundations to make venture capital-type investments that might otherwise be penalized under the IRC as jeopardizing, that is, risky. * Mission-related investments, although not technically defined, nonetheless have their distinct put poses, too, mainly growing the foundation's assets in a socially responsible manner. * PRIs also help private foundations meet requirements for qualified distributions, similar to its grants, and are recorded as charitable-use assets. As such, they are excluded from assets considered when calculating a minimum investment return of 50/o that underlies the foundation's minimum distribution requirements. * Private foundations must observe expenditure responsibility (ER) rules governing PRIs or grants made to an entity that is not a qualified public charity under IRC [section] 501(c)(3). Two states, North Carolina and Vermont, have introduced legislation authorizing a hybrid entity known as a low-profit limited liability company (L3C), and others are considering doing so. Advocates are urging Congress to exempt foundations from ER requirements in making PRIs to L3Cs. ********** [ILLUSTRATION OMITTED] While skittish investors chase elusive returns amid the risks of the credit market meltdown, a calmer class of investors has been steadily growing in number and influence. They regard an investment's performance only after giving careful consideration to its greater purpose. Socially responsible investing (SEI)--sometimes also known as mission-related investing--is centuries old but came to the fore in the latter half of the last century, in the struggles of South African apartheid and other causes. Now its growth has accelerated. Between 1995 and 2007, the value of SRI assets grew 324% in the United States, compared with the 260% growth of assets under professional management generall); reports the Social Investment Forum. And between 2005 and 2007, SRI increased 18%, far outstripping overall assets' 3% growth (2007 Report on Socially Responsible Investing Trends in the United States). While much of that growth has been in mutual funds that screen their investments according to social and environmental values, a major force has been mission-driven institutions such as foundations, the Social Investment Forum report says. And that's not surprising, given that private foundations are becoming more prominent, especially in charitable giving by families (Advising Private Foundations, JofA, April 08, page 36). CPAs advising charitable organizations must reckon with the rules that come into play when investing seeks both a return to the investor and the higher good. Although a private foundation usually seeks to make its income-producing investments in a socially responsible manner, only program-related investments (PRIs) are defined in the Internal Revenue Code (IRC [section] 4944(c) and related Treas. Reg. [section] 53.4944-3). A DISTINCTION WITH A DIFFERENCE PRIs and mission-related investments may sound similar. But they serve crucially different purposes within a private foundation, which may well rely upon a CPA adviser to help it distinguish between them. Most notably, PRIs allow the foundation to make venture-capital and other beneficial investments without running afoul of rules prohibiting high-risk, or jeopardizing, investments. Jeopardizing investments include selling short and similarly risky strategies or asset classes. See Treas. Reg. [section] 53.4944-1(a)(2) for specific prohibitions. Generally, a PRI: * Has as its primary purpose the charitable purposes described in IRC [section] 170(c)(2)(B) (religious, charitable, scientific, literary or educational, fostering amateur sports competition or preventing cruelty to children or animals); * Does not have as a significant purpose income production or property appreciation; and * Does not have as its purpose any of the disqualifying purposes described in IRC [section] 170(c)(2)(D) (attempting to influence legislation; participating in, opposing or intervening in a political campaign of a candidate for public office). …" @default.
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• W283121262 date "2008-07-01" @default.
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• W283121262 title "Capital with a Conscience: Private Foundations Must Distinguish Carefully Their Investments' Purpose, Character and Strategy" @default.
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