Grasso Breached Fiduciary Duty By Failing to Report Income to Board
New York Court orders former NYSE CEO to repay millions of his compensation 

CRAT Trustee Not Required To Diversity Stock Holdings
Trustee did not breach duty to remainder charities by taking 10 months to divest Lilly stock during market decline

Court Refuses to Permit Trust To Meet Foundation Payout Requirement
Decision apparently overlooks fact that undistributed income eventually goes to pay federal excise taxes, not fulfill trust’s purpose

Ready Reference Page - No. 96
IRS Provides Interim Guidance On Pension Act Provisions
Standards given for foundation grants to SOs, applicability dates, disaster relief funds, and scholarships

Issues Notes

• Last Minute Gift for a Colleague—and Yourself.
• Thursday with the Editor, December 28

To the Point

As a member of the Board of Directors, I have been told that the salary of our Executive Director is protected information not available to me or the public. Is this correct?

Lessons from Litigation

• Bequest for conservation purposes creates trust
• Hospital not liable for acts of agency nursing assistant

Tax Matters

• Charity can’t join benefits firm in tax refund claim
• Even the U.S. gets the terminology wrong

Employment Law

• Supervisor’s making life miserable may be constructive discharge

Say That Again