What You Need To Know About: New IRS Guidelines for Equivalency Determination

Caring and Funding Podcast powered by CAF America

New IRS guidelines took effect on September 14, 2017. What do they mean? What do you need to know? In Rev. Proc. 2017-53, the IRS has provided guidelines that CAF America will use in our grantmaking to foreign grantees utilizing equivalency determination protocols that the grantee of a grant made for Code Sec. 170(c)(2)(B) purposes is a qualifying public charity. In this program CAF America's President and CEO, Ted Hart and Elizabeth Kingsley of Harmon Curran Spielberg & Eisenberg LLP will provide expert analysis and practical advice on implementation of these new guidelines. Rev. Proc. 2017-53 provides further guidance regarding what it means to makes a “good faith determination” that a foreign grantee qualifies as a qualifying public charity (as defined in section 3.03(3) of this revenue procedure). These procedures validate many aspects of what CAF America has long determined to be best practices in our industry leading validation of foreign grantees. In this program we will share with you what is new and what you need to know about what a strong ED or Equivalency Determination should review and what information must be properly evaluated by qualified professionals. This NEW revenue procedure modifies and supersedes Rev. Proc. 92-94, 1992-2 C.B. 507 and reflects the changes to the equivalency determination final regulations published in 2015 (TD 9740; 80 FR 57709; 2015-42 IRB 573). This revenue procedure also reflects the changes to the public support tests and applies these changes in the context of equivalency determinations. In addition, this revenue procedure includes other updates and changes related to the funding of Terrorist organizations and blocked persons, Hospitals, Religious based schools, as well as changes in the review of lobbying and advocacy efforts of foreign grantees, and many other changes which we will share in this program.