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Excerpts from Hearings of the Committee. ; no. 1. Capital values and growth of charitable foundations -- no. 2. Relations between foundations and education and between foundations and government -- no. 3. Economics and the public interest -- no. 4. Summary of activities of the Carnegie Corporation of New York, the Carnegie Foundation for the Advancement of Teaching, the Carnegie Endowment for International Peace, the Rockefelle foundations, the Rockefeller General Education Board. ; Mode of access: Internet.

The amount of tax-exempt debt has dramatically grown in recent years, although this growth has slowed with the passage of the Tax Reform Act of 1986. At the same time, real rates of return on this debt have risen. These phenomena may be explained by the effects of the federal and state governments. This article discusses the state and local policy variables that influence the market for intergovernmental debt. Placing these variables in a model of supply and demand for tax-exempt debt and analyzing them for unintended consequences and feedback loops produces a more robust and accurate picture of this market. Policy conclusions are then drawn to indicate the appropriate role for state and local governments in the tax-exempt arena.

Hospitals in the U.S. have long been able to obtain exemption from federal income tax because they meet the requirement known as the standard of "community benefit." Yet lawmakers and scholars know virtually nothing about the actual workings of tax-exempt hospitals, or about whether, how, and to what extent they deliver benefits to their communities. Within the last five years, however, IRS tax return forms have started asking hospitals to quantify these benefits, as well as to give detailed information about their financial practices with respect to their patients. These new questions coincide with new requirements for tax-exempt hospitals put in place as part of the 2010 Affordable Care Act. The new tax return data offer a first-time opportunity to evaluate the workings of tax-exempt hospitals from the perspective of both the traditional requirements for tax-exempt hospitals and the 2010 healthcare reforms of the Affordable Care Act. This Article analyzes data from all tax-exempt hospitals in the U.S. in 2012 to show that tax-exempt hospitals differ widely in their provision of community benefits (and financial practices). In particular, these activities vary systematically in relation to their different notions of "community" and the characteristics of the communities where the hospitals are located. This evidence demonstrates that tax-exempt hospitals seem to be responding to the specific needs of their own communities when allocating their resources among different community-benefit activities. The data show, in addition, that while tax-exempt hospitals are generally adopting the financial policies that Congress and the IRS are requesting, hospital financial aid policies also vary by community. These findings raise several fundamental questions for lawmakers and tax policy scholars in the era of the Affordable Care Act. In particular, the findings suggest that lawmakers need to grapple seriously with how they allow tax-exempt hospitals to define their communities. For example, is it appropriate for tax-exempt hospitals merely to benefit a narrowly defined community or should they operate in terms of a broader understanding of community? In light of the new data presented, this Article considers these questions and outlines several alternatives to the "community benefit" standard to address them.

Definition of and rationales for tax-exempt organizations -- Overview of nonprofit sector and tax-exempt organizations -- Tax exemption: source and recognition -- Organizational, operational, and related tests and doctrines -- Nonprofit governance -- Concept of charitable -- Charitable organizations -- Educational organizations -- Scientific organizations -- Religious organizations -- Other types of charitable organizations -- Public charities and private foundations -- Social welfare organizations -- Business leagues and similar organizations -- Social clubs -- Labor, agricultural, and horticultural organizations -- Political organizations -- Employee benefit funds -- Other categories of tax-exempt organizations -- Private inurement and private benefit doctrines -- Intermediate sanctions -- Legislative activities by tax-exempt organizations -- Political campaign activities by tax-exempt organizations -- Unrelated business: basic rules -- Unrelated business: modifications, exceptions, special rules, and taxation -- Exemption recognition and notice processes -- Administrative and litigation procedures -- Operational requirements -- Tax-exempt organizations and exempt subsidiaries -- Tax-exempt organizations and for-profit subsidiaries -- Tax-exempt organizations and joint ventures -- Tax-exempt organizations: other operations and restructuring