Excess Benefit Transaction definition

Excess Benefit Transaction means an “excess benefit transaction” as that term is defined in Section 4958(c) of the Internal Revenue Code of 1986, as amended.

Excess Benefit Transaction means any transaction in which an economic benefit is provided by the Non-Profit, directly or indirectly, to or for the use of a disqualified person and the value of the economic benefit provided by the Non-Profit exceeds the value of the consideration (including the performance of services) received by the Non-Profit. A “disqualified person” is any person who was in a position to exercise substantial influence over the affairs of the non-profit at any time during a five-year lookback period, ending on the date of the transaction, and includes but is not limited to the Non-Profit’s directors, officers, and Related Parties, as defined herein.

Excess Benefit Transaction means any transaction or arrangement in which an economic benefit is provided by the Corporation, directly or indirectly, to or for the use of any Interested Person (including members of his or her family and any entity which is thirty-five percent (35%) owned or controlled by such Interested Person) if the value of the economic benefit provided exceeds the value of the consideration (including the performance of services) received for providing such benefit.

Examples of Excess Benefit Transaction in a sentence

• Excess Benefit Transaction means an “excess benefit transaction” as that term is defined in Section 4958(c) of the Internal Revenue Code, 26 U.S.C. § 4958(c).

• Excess Benefit Transaction Excise Tax means any excise tax imposed by the Internal Revenue Service, pursuant to Section 4958(a)(2) of the Internal Revenue Code, 26 U.S.C. § 4958(a)(2), on an Insured Person who is an Organization Manager as a result of such Insured Person’s participation in an Excess Benefit Transaction.

• For an explanation of the meaning of Excess Benefit Transaction and the Internal Revenue Service safe harbor approval procedures, please see Exhibit A.In addition to the prohibition on Excess Benefit Transactions, the Internal Revenue Code requires that the Foundation be operated exclusively for charitable purposes and as such any arrangement involving private inurement or private benefit is forbidden.

• If, however, it is determined that the Possible Conflict of Interest would be an Excess Benefit Transaction, the terms of the proposed transaction must either be revised so as to not be an Excess Benefit Transaction, or the Corporation must not enter into the proposed transaction.

• If the Possible Conflict of Interest involves a possible Excess Benefit Transaction with a Disqualified Person, the Board may, if appropriate, appoint a committee of disinterested individuals to act on behalf of the Board of Trustees to review, and possibly approve, the proposed transaction.

More Definitions of Excess Benefit Transaction

Excess Benefit Transaction means an “excess benefit transaction” as that term is defined in Section 4958(c) of the Internal Revenue Code, 26 U.S.C. §4958(c)

Excess Benefit Transaction means any transaction in which an economic benefit is provided by an applicable tax-exempt organization directly or indirectly to or for the use of any disqualified person if the value of the economic benefit provided exceeds the value of the consideration (including the performance of services) received for providing such benefit.

Excess Benefit Transaction means a transaction as defined in Internal Revenue Code, Title 26 §4958 (c)(1).

Excess Benefit Transaction means a transaction in which an economic benefit is provided by the Corporation, directly or indirectly, to or for the use of a disqualified person, and the value of the economic benefit provided by the Corporation exceeds the value of the consideration received by the Corporation.

Excess Benefit Transaction means any transaction or arrangement in which an economic benefit is provided by the Corporation, directly or indirectly, to or for the use of any Interested Person (including members of his or her family and any entity which is thirty-five percent (35%) owned or controlled by such

Excess Benefit Transaction means any transaction in which an economic benefit is provided by the ARAA, directly or indirectly, to or for the use of a disqualified person and the value of the economic benefit provided by the ARAA exceeds the value of the consideration (including the performance of services) received by the ARAA. A "disqualified person" is any person who was in a position to exercise substantial influence over the affairs of the ARAA at any time during a five-year lookback period, ending on the date of the transaction, and includes but is not limited to the ARAA’s directors, officers, and Related Parties, as defined herein.

Excess Benefit Transaction means any transaction or arrangement that results in the Foundation providing (directly or indirectly) an economic benefit to a Disqualified Person exceeding the value of the consideration ( including service rendered) received by the Foundation. Excess Benefit Transactions may include unreasonable compensation, leases, loans or sales between the Foundation and a Disqualified Person.