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IRS Ruling Shows How Foundation Can Award Grants to Employees' Children as Scholarships
Internal Revenue Service [IRS] 
[Official Guidance] Mar. 27, 2003
Excerpt: If a private foundation awards educational grants to employees or children of employees of a particular employer who are victims of a qualified disaster as defined in §139 of the Internal Revenue Code, and the educational grants do not satisfy the percentage test of Rev. Proc. 76-47, 1976-2 C.B. 670, are these educational grants treated as scholarships subject to the provisions of §117 and not treated as taxable expenditures under §4945(d)(3)?
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