Getty audit.Getty Audit: The J. Paul Getty Trust The J. Paul Getty Trust is the world's wealthiest art institution with an estimated endowment of $5.8 billion. Based in Los Angeles, it operates two museums: the J. Paul Getty Museum in Brentwood and the Getty Villa in Malibu, California. has retained its tax-exempt status after a two-year audit by the Internal Revenue Service, the Bond Buyer newspaper reported. The investigation, which covered compensation, grants and other expenditures at the trust, focused on $371 million in tax-exempt bonds Tax-exempt bond A bond usually issued by municipal, county, or state governments whose interest payments are not subject to federal and, in some cases, state and local income tax. tax-exempt bond See municipal bond. issued by the California Infrastructure and Economic Development Bank on behalf of the non-profit trust. The bonds were issued to refund $95.6 million in certificates of participation used to finance construction at the Getty Museum in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. and construction at the Getty Villa The Getty Villa in Pacific Palisades, USA, is part of the J. Paul Getty Museum. The Getty Villa is an educational center and museum dedicated to the study of the arts and cultures of ancient Greece, Rome and Etruria. , Bond Buyer reported. |
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