November 9, 2012, 10:53 am
State-level charity regulators may be joining forces to clamp down on nonprofit groups reporting vastly inflated values for product donations, particularly of medications, to boost their bottom line, according to Forbes.
Forbes names New Mexico Assistant Attorney General Elizabeth Korsmo, head of the state?s Charities Bureau, as a key player in a coordinated multi-state effort rumored in nonprofit circles to be taking shape, possibly in tandem with the Internal Revenue Service.
Ms. Korsmo would not confirm or deny that such a task force is in the making, but she said that states ?are looking at gift-in-kind valuation issues. This is on our radar. It?s a hot issue among regulators.?
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