Posted By: Tsu-Han (Ina) Chang
Written By: William P. Barrett
National Heritage Foundation lists charitable gift annuity holders as major creditors.
The National Heritage Foundation, a large, controversial Virginia-based charity that has long battled federal tax officials, has filed for bankruptcy after a Texas family tried to collect on the $6 million it was awarded in a case alleging the NHF had misled it.
The foundation, headquartered in Falls Church, sought Chapter 11 protection Jan. 24 in the U.S. Bankruptcy Court for the Eastern District of Virginia in Alexandria.
The move provides the charity with a respite from paying debt and some time to work out deals with creditors. But the court action also threatens to draw attention to fresh claims of dubious activities on the part of the foundation. Among those activities: a now-troubled $14 million investment in a nonpublic company run by an individual officially described as an unlicensed investment adviser to the foundation.
Written By: William P. Barrett
National Heritage Foundation lists charitable gift annuity holders as major creditors.
The National Heritage Foundation, a large, controversial Virginia-based charity that has long battled federal tax officials, has filed for bankruptcy after a Texas family tried to collect on the $6 million it was awarded in a case alleging the NHF had misled it.
The foundation, headquartered in Falls Church, sought Chapter 11 protection Jan. 24 in the U.S. Bankruptcy Court for the Eastern District of Virginia in Alexandria.
The move provides the charity with a respite from paying debt and some time to work out deals with creditors. But the court action also threatens to draw attention to fresh claims of dubious activities on the part of the foundation. Among those activities: a now-troubled $14 million investment in a nonpublic company run by an individual officially described as an unlicensed investment adviser to the foundation.
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