October 15, 2015
On the heels of the recent IRS clarification regarding the guidance on mission related investments, the article discusses The Abell Foundation, a Baltimore based nonprofit dedicated to enhancing the quality of life for Maryland residents. In the 1990s, The Foundation began investing into companies that worked on sustainable projects and now co-owns more than a dozen patents, much to the chagrin of companies such as Hyundai and Kia who must now pay the nonprofit royalty payments for the right to use its powertrain technology in their hybrids. According to Paul Streckfus, a former IRS lawyer, the new federal guidelines will “likely boost the amount of money foundations put in such investments.”