Earlier this year, the IRS released a Good Governance Practices Discussion Draft for charitable organizations. Included in the draft are nine recommendations to help ensure that directors understand their roles and responsibilities and actively promote good governance practices: Mission statement Code of ethics and whistleblower policies Due diligence (consistent...
The E-Postcard: A New Filing Requirement for Small Exempt Organizations
From the IRS website: Beginning in 2008, small tax-exempt organizations that previously were not required to file returns may be required to file an annual electronic notice, Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations not Required To File Form 990 or 990-EZ. This filing requirement applies to tax...
IRS Form 990
The Instructions for Form 990 and Form 990-EZ, and the Instructions for Schedule A (Form 990 or 990-EZ) incorporate significant changes to address legislation enacted in 2006. Organizations that sponsor donor-advised funds or that have controlled entities must pay particular attention to the changes. In addition, supporting organizations must...
Nonprofit Law Blogs
The Chronicle of Philanthropy recently added a service called Give and Take: A Roundup of Nonprofit Blogs. While this blog has yet to have the good fortune of being included in the Chronicle’s Roundup, it has brought to my attention several blogs worth a look. I list below a...
CoF Annual Conference – Legislative and Regulatory Update
The Council on Foundations Annual Conference included a session entitled The Latest from Washington: Legislative and Regulatory Update, featuring Steve Gunderson, President and CEO, Council on Foundations; and Diana Aviv, President and CEO, Independent Sector. Here are just a few of the illuminating observations made: Senator Max Baucus, Chairman...
CoF Advanced Legal Seminar – Supporting Organizations
Council on Foundations Vice President and General Counsel Janne Gallagher provided an update on supporting organizations after the Pension Protection Act of 2006 (the "PPA"). As a result of the PPA, private foundations and sponsoring organizations of donor-advised funds must determine: (1) whether a charity to which they are...
CoF Advanced Legal Seminar – Tax-Shelter Transactions
Chair of the Exempt Organizations Committee of the ABA Section of Taxation LaVerne Woods discussed the topic of charities and tax shelters. Her presentation began with a quote from IRS Commissioner Mark W. Everson at a Senate Finance Committee Hearing in 2004: "I cannot overstate the seriousness of the...
CoF Advanced Legal Seminar – Low-profit Limited Liability Company (L3C)
At the Council on Foundation Conference, former director of the Exempt Organizations division of the IRS Marcus Owens discussed the concept of a new form of legal entity that might be an appropriate vehicle (1) for social enterprises, and (2) to receive program-related investments – the low-profit limited liability...
CoF Advanced Legal Seminar – Program-Related Investments
The Advanced Legal Seminar given at the Council on Foundations Conference featured Lisa Johnsen of Kirkpatrick & Lockhart Preston Gates Ellis; Marcus Owens of Caplin & Drysdale and former head of the Exempt Organizations division of the IRS; LaVerne Woods of Davis Wright & Tremaine and Chair of the...
Council on Foundations 2007 Annual Conference
The Council on Foundations, together with Philanthropy Northwest, kicked off its 2007 Annual Conference in Seattle on April 29. The theme of the Conference: Philanthropy and the Challenges of Our Time: Making a Difference at Home and Around the Globe. The Conference focused on four intractable challenges: poverty, public...