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American Taxpayer Relief Act Of 2012 Impact On Charitable Giving And Exempt Organizations

The American Taxpayer Relief Act of 2012 (the “Act”) was passed by the United States Congress on January 1, 2013 and signed into law by President Obama on January 2, 2013. The following provisions of the Act should be of...more

IRS Issues Regulations on Type III Supporting Organizations

Effective December 28, 2012, the IRS published final regulations on the qualification requirements for “Type III” supporting organizations (SOs), and issued temporary regulations that establish a payout requirement for...more

Education Update, No. 1, January 2013: Give Generously, Keep It Legally

About a month ago, one of the school’s families that owns a popular restaurant and bar held a special fundraising event whereby 20% of the proceeds from every meal served were donated to the school. The school sent out email...more

New York Attorney General Issues Proposed Regulations to Require Nonprofits to Publicly Disclose Their Political Expenditures and...

New York Attorney General Eric T. Schneiderman has issued proposed regulations that would require many nonprofit organizations to annually disclose certain information about their political spending and their donors’...more

A.G. Schneiderman Announces New Electioneering Disclosure Requirements for Nonprofits

On December 12, 2012, New York Attorney General Eric Schneiderman announced new proposed disclosure rules for New York-registered nonprofits designed to bring more transparency to electioneering activities by tax-exempt,...more

Regulatory Developments: Proposed Order to Exempt Certain Non-Financial Energy Derivative Transactions That Affect the Delivery of...

On August 17, 2012, the Commodity Futures Trading Commission (CFTC) unanimously approved a Proposed Order to exempt certain non-financial energy derivative transactions between not-for-profit electric utilities from many of...more

New York State Agencies Issue Proposed Regulations Regarding the Administration Expenses and Executive Compensation of...

Pursuant to Executive Order 38 issued by Governor Cuomo, thirteen New York State agencies released very similar proposed regulations on May 16, 2012, placing a limit on the funds that can be used for administrative expenses...more

New DOL Opinion States Certain 403(b) Plans No Longer Exempt from ERISA

Recently issued U.S. Department of Labor guidance indicates limitations on the use of an exemption from the Employee Retirement Income Security Act of 1974, as amended (ERISA), for certain 403(b) Plans. ...more

Public Charter Schools - Second Edition

Introduction The public charter school movement has evolved for two decades, yet the challenge of securing affordable facilities continues to confront nearly every charter school. The landscape of solutions now includes...more

Is a Company Foundation Necessary?

Originally published in the Puget Sound Business Journal 2012. When Starbucks rolled out the Create Jobs for USA program, it was the Starbucks Foundation that provided seed funding to the Opportunity Finance Network....more

HEALTH REFORM: Patient-Centered Outcomes Research Institute Begins Process to Fund Clinical Effectiveness Research Grants

On May 22, 2012, the Patient-Centered Outcomes Research Institute ("PCORI a private nonprofit entity established by the Patient Protection and Affordable Care Act of 2010, announced that it will be seeking applications to...more

Proposed Regulations Offer New Examples of Program-Related Investments

New examples describe additional charitable purposes and investment structures for PRIs. The Internal Revenue Service (IRS) and the Treasury Department have issued long-awaited proposed Treasury Regulations providing...more

New Markets Tax Credit Eligibility Data Released

The new markets tax credit program has helped to finance thousands of worthwhile projects in so-called “low-income communities” over the last eleven years. For the first time in a decade, which communities qualify as a...more

United States Takes First Step in Liberalizing Sanctions on Burma

On April 17, 2012, the Department of the Treasury's Office of Foreign Assets Control (OFAC) released new General License 14-C, which authorizes financial transactions under specified circumstances in support of humanitarian,...more

Bribery Risks and Charitable Giving

The FCPA paparazzi has a standard list of anti-corruption risks: government interactions, third-party due diligence, gifts and entertainment, and mergers and acquisitions/joint ventures. Notice that charitable giving is not...more

Charitable Giving Initiative Under Consideration by Massachusetts Legislature

A proposed law under consideration in Massachusetts may make it easier for Massachusetts residents to financially support their favorite charity. For charitable organizations that have seen declining levels of donations...more

Treasury Releases Long-Overdue Report on Supporting Organizations and Donor Advised Funds

Along with making significant changes to the rules for supporting organizations (“SOs”) and donor advised funds (“DAFs”) in the Pension Protection Act of 2006 (the “PPA”), Congress directed that Treasury conduct a study on...more

Recaps from Proskauer's 16th Annual Trick or Treat Tax Exempt Seminar

Proskauer's 16th Annual Trick or Treat Seminar was held on Monday, October 31, 2011. The Seminar discussed: - Corporate Governance for Not-for-Profit/Exempt Organizations - Maintaining Tax-Exempt Status During...more

California’s Oversight Of Accountants

Yesterday, Broc Romanek wrote in his blog about the Public Company Accounting Oversight Board’s announcement of settled disciplinary actions against three accountants. In California, accountants are regulated by the...more

GAO Reports on the Feasibility of SRO for Private Fund Advisers

On July 11, the U.S. Government Accountability Office (GAO) released a report on the feasibility of forming a self-regulatory organization (SRO) to provide primary oversight of private fund advisers. The report was part of a...more

Florida Adopts FUPMIFA - a Law Governing Investments by Charitable Organizations

On June 17, 2011, Governor Scott signed into law the Florida Uniform Prudent Management of Institutional Funds Act (FUPMIFA). FUPMIFA imposes investment standards on Florida Charities. All Florida Charities should review...more

URGENT: Treasury Must Receive FBAR Filings by June 30 - for Most Filers

As reported in our prior blog entry, the Report of Foreign Bank and Financial Accounts, Form TD-F 90-22.1 (“FBAR”) must be filed by a U.S. person that holds a financial interest in, or signature or other authority over, a...more

Important Change in Rules for Bank Qualified Tax-Exempt Obligations

As part of the American Recovery and Reinvestment Act of 2009 (ARRA), Congress provided important, but temporary, modifications to the “bank qualified” rules that greatly expanded the ability of banks and other financial...more

Attorney General Issues Guide on the New York Prudent Management of Institutional Funds Act

On March 17, 2011, the New York State Attorney General’s Charities Bureau published “A Practical Guide to the New York Prudent Management of Institutional Funds Act” (the “Guide”). The Guide provides a summary of the New...more

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