The House Ways and Means Committee is looking at Endowments
The House Ways and Means Committee’s Subcommittee on Oversight Chairman Peter Roskam announced that the Subcommittee will hold a hearing on college and university endowments. The hearing is entitled...
View ArticleCorporate Law & Governance Update - September 2016
The following developments from the past month offer guidance on corporate law and governance law as they may be applied to nonprofit health care organizations: BUSINESS ROUNDTABLE GOVERNANCE...
View ArticleInvesting Private Foundation Assets: What Every Foundation Manager Should Know
Those responsible for managing a private foundation’s investment assets may not always understand the unique fiduciary and tax constraints imposed on private foundations and their managers by both...
View ArticleEnforcing Charitable Pledges: New York’s Shifting Landscape
On August 24, 2016, it was widely reported in the business media that Duke University had filed a claim against the estate of Aubrey McLendon, the former CEO of Chesapeake Energy Corp., who died in...
View ArticleGuest Post: Getting The Most Out of Employees At Non-Profit Organizations – A...
As I continue to reflect this week on nine years of blogging, it’s hard to recall that I started this before the Great Recession hit. Since that time, all businesses have become more cost-conscious and...
View ArticleFlorida Open for Captive Insurance Business
After several decades, Florida is back in the business of licensing captive insurance companies. On Aug. 11, 2016, the Florida Office of Insurance Regulation issued a license to a nonprofit Florida...
View ArticleNew IRS Guidance on Deferred Compensation for Tax-Exempt and Governmental...
Tax-exempt and governmental employers do not pay Federal income tax and therefore, unlike for-profit entities, are not affected by the timing of tax deductions relating to the payment of compensation....
View ArticleNotice Requirements for Social Welfare Organizations
Section 501(c)(4) of the Internal Revenue Code (“IRC”) exempts from the federal income tax certain nonprofit corporations that are operated exclusively for the promotion of social welfare (commonly...
View ArticleRecent Governance and Gift-Giving Guidance from the Non-Profit/Public...
The Non-Profit Organizations/Public Charities Division of the Office of the Attorney General (the “Division”) recently released helpful guidance regarding (i) good governance of charitable organization...
View ArticleCourt Dismisses Challenge to New York Donor Disclosure Requirement
On August 29, 2016, the United States District Court for the Southern District of New York dismissed in its entirety a complaint against the New York Attorney General filed by Citizens United and...
View ArticleFall into the GAAP: New Not-for-Profit Financial Reporting Standards Issued
As we previously reported, in April 2015 the Financial Accounting Standards Board (“FASB”) circulated a series of proposed changes to generally accepted accounting principles applicable to certain...
View ArticleThree Key Takeaways from the Nu Skin FCPA Settlement for a Corrupt Charitable...
In a rare enforcement action, the SEC settled an FCPA enforcement action for $766,000 for a charitable donation of $154,000 to improperly influence a high-ranking Chiese Communist party official to...
View Article[Event] Nonprofits in the Digital Age - October 18th, Seattle, WA
Please join us for a complimentary seminar focused on the critical legal issues facing nonprofits as they increasingly engage supporters, raise funds, and create change online and through digital...
View ArticleRecent SEC Settlement Demonstrates FCPA Risks from Charitable Contributions
For just the second time in the Foreign Corrupt Practices Act’s (FCPA) history, a company was charged with FCPA offenses based solely on a charitable contribution that was intended to buy the influence...
View ArticleIRS to Update 1967 Revenue Ruling Relating to Change of Domicile
The Internal Revenue Service (the “IRS”) has announced plans to update Revenue Ruling 67-390, which requires an organization to “re-apply” for tax-exemption if it changes its corporate structure,...
View ArticleTrending Now: Political Activities and Social Media
The 2016 U.S. presidential campaign has reached a fevered pitch, with a little over a month remaining before Election Day. After Monday’s debate between Hillary Clinton and Donald Trump, the stakes are...
View ArticleLessons Learned from Nu Skin
The enforcement action against manufacturer Nu Skin Enterprises highlights the risks of making charitable donations in high-risk countries without conducting meaningful anticorruption due...
View Article2016 New York Tax Update: Highlights and Lowlights
There wasn’t much in the way of substantive New York tax changes in the 2017 budget bill that Governor Andrew Cuomo signed in April. Or at least wasn’t much in the way of changes that affect the...
View ArticleChanges to Compensation Rules for Tax-Exempt Hospitals
?The IRS has proposed new rules that will require tax-exempt hospitals (and other tax-exempt entities) to review a variety of compensation arrangements to avoid unintended tax consequences. This...
View ArticleSEC Cracks Down on Charitable Contributions under the FCPA - Best Practices...
For the first time, the Securities and Exchange Commission has brought an FCPA enforcement action premised entirely on a one-time charitable contribution. On September 20, 2016, the SEC announced a...
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