When a current trust beneficiary is temporarily lacking: What should be done...
Section 8.41 of Loring and Rounds: A Trustee’s Handbook (2020), transcribed in its entirety in the appendix below, suggests a number of default possibilities including (1) imposing a resulting trust...
View ArticleRecent legislation requires tax-exempt organizations to e-file forms
The Taxpayer First Act, enacted July 1, 2019, requires tax-exempt organizations to electronically file information returns and related forms. The new law affects tax-exempt organizations in tax years...
View ArticleNew Priorities for Exempt Organization Compensation Committees in 2020
The new priorities for tax-exempt organization compensation committees in 2020 primarily fall into four key areas: remaining market competitive for key leaders, succession planning, evolution of the...
View ArticleSeventh Circuit Examines Conflict of Interest Issue Relevant to Private...
The board members or trustees of private foundations frequently serve on the boards of organizations that apply for and receive grants. This may present the possibility of a conflict of interest issue...
View ArticleCoronavirus Update – Impact on Employee Benefit Plan Deadlines
Seyfarth Synopsis: The SARS CoV-2 virus (“coronavirus”) has been declared a global pandemic by the World Health Organization. It’s fair to say that none of us have ever experienced a pandemic, or at...
View ArticleAIFA provides guidance on critical aspects relating to the management of...
Due to the COVID-19 emergency and the consequent lockdown that is affecting non-essential services in Italy, including some health care services, on March 12, 2020 the Italian Medicines Agency ("AIFA")...
View ArticleHow Nonprofit Organizations Can Mitigate Risk in Light of Coronavirus Pandemic
The coronavirus, also known as COVID-19, will impact how nonprofit organizations deliver mission-based services for the foreseeable future. Below are some action steps nonprofit executives, leaders and...
View ArticleUtilizing Employer-Sponsored Foundations to Alleviate Employee Hardship
Employers are looking for ways to assist employees and their dependents experiencing financial hardship due to the Coronavirus. One potential tax-advantaged method is the use of an existing or newly...
View ArticleCorporate Law & Governance Update - March 2020
BLACK SWANS AND WHITE ELEPHANTS - A recent essay from the National Association of Corporate Directors (NACD) provides useful guidance on how boards may prepare themselves for risks associated with...
View ArticleCOVID-19 FAQ: Homeless Shelters, Transitional Housing and Other Providers of...
As counsel to a number of Homeless Information Management System administrators, we were asked to address frequently asked questions from shelters and agencies who provide services to individuals...
View ArticleMinnesota Nonprofits and COVID-19: Special Considerations for Unemployment...
With Emergency Executive Order 20-05, Minnesota Governor Walz provided much-needed relief to Minnesota employers and employees facing immediate loss of work because of COVID-19. The March 16th Order...
View ArticlePublic Assistance for Healthcare Nonprofits Responding to COVID-19 Pandemic
On March 13, 2020, President Trump issued a formal Declaration of a National Emergency as of March 1, 2020, based on the pandemic of COVID-19. In this Declaration, the president states that “[t]he...
View ArticleProviding Charitable Hardship Payments to Employees During COVID-19
COVID-19 is presenting novel challenges for employers across the globe. Last week, we issued a general advisory that provides guidance to employers on how to navigate these challenges. One issue facing...
View ArticleSBA’s Economic Injury Disaster Loan Program
On March 6, 2020, the U.S. Small Business Administration (the “SBA”) announced it is expanding its “Economic Injury Disaster Loan Program” to include small businesses and non-profits impacted by...
View ArticleSmall Business Loans Announced for COVID-19
As our nation, states, and local governments continue to respond to the COVID-19 pandemic, we know these are difficult times for all of our clients, but in particular for our nonprofit clients and...
View ArticleKey Considerations for Creating Employer-Sponsored Charities in Response to...
With the growing impact of COVID-19, industries across America are laying off numerous workers, who will be without jobs and income for an undetermined period of time. As this crisis plays out, many...
View ArticleFEMA Issues Additional Guidance on Public Assistance for Healthcare...
On March 19, 2020, the Federal Emergency Management Agency (FEMA) issued a Fact Sheet providing additional guidance on emergency protective measures that may be eligible for funding under the Stafford...
View ArticleBREAKING: Massachusetts and Connecticut Order Closure of Non-Essential...
Massachusetts has joined an increasing number of states ordering the closure of non-essential businesses in the midst of the coronavirus outbreak. On March 23, 2020, Governor Charles Baker signed...
View ArticleSBA Economic Injury Disaster Loans available to small businesses and private...
As of March 20, 2020, the U.S. Small Business Administration (SBA) has approved an Economic Injury Disaster Loan Declaration for all of Oklahoma’s 77 counties to help alleviate the economic injury...
View ArticleCOVID-19: Health Care Districts, Nonprofits and FEMA Emergency Assistance
Government agencies, including special and health care districts, as well as some nonprofits, are eligible for Federal Emergency Management Agency assistance under President Trump’s COVID-19 pandemic...
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