I am having a Friday memory issue and am hoping for an assist.
I have an advisory board who wants to start a fund to which they will all contribute and they want to be solely responsible for deciding how the funds will be spent (which students receive stipends). I have been explaining that this violates the IRS policy on donor control. They want to read the exact IRS reg document that refers to this. Google is providing all of the DAF guidelines. Can someone help with the reg that applies to private gifts?
(Yes, I know this reg number should roll off my tongue like the names of my parents.)
Joel
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Joel Clasemann
Director of Advancement Services
The College of Saint Scholastica
jclasema@css.edu------------------------------