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Nonprofits Finance & Banking

Read need-to-know updates, commentary, and analysis on Nonprofits issues written by leading professionals.

Not out of the woods yet: What the lifting of Sudan sanctions means for businesses and non-profits

by Hogan Lovells on

Yesterday, on October 12, 2017, the U.S. permanently revoked most sanctions against Sudan. This lifting represents the completion of a process that began in January 2017, and was extended in July 2017. ...more

Mandatory Disclosure: Belgium Requires Large Companies to Provide Certain Non-Financial Information

by Jones Day on

The Background: On September 3, 2017, Belgium adopted a law implementing EC Directive 2014/95/EU on the disclosure of non-financial and diversity information by certain large undertakings and groups. - The Result: Under...more

Charities: Increased Corporatisation and Its Impact On The Pro Bono Space

by Morgan Lewis on

The increased adoption of a corporate structure by charities has resulted in enhanced pro bono opportunities for law firms in Singapore....more

Massachusetts Issues Industry Letter On Applicability of MLO Licensing to Individuals Employed by Nonprofit Entities

by Ballard Spahr LLP on

On June 15, 2017, the Massachusetts Division of Banks (Division) issued an industry letter to clarify when an employee of a nonprofit agency is required to obtain a mortgage loan originator (MLO) license. The Division...more

Condominium Issue with Long-Term Tax-Exempt Bond Financing

by Ruder Ware on

We recently helped a client complete long-term tax-exempt bond financing of a portion of a mixed-use condominium. These projects raise interesting issues. Long story short, if you find yourself in a similar situation, you...more

Tax-Exempt Financing of Churches, Parochial Schools and Other Sectarian Institutions After Trinity Lutheran Church: Permitted? ...

The U.S. Supreme Court’s June 26 opinion in Trinity Lutheran Church of Columbia, Inc. v. Comer, precluding states from discriminating against churches in at least some state financing programs, raises anew the question of...more

Donating Fund Interests: A “Why Now?” and “How To” Primer

Due to increased valuation of public and private equities, coupled with the upcoming end of the sunset provision that allows hedge fund managers to defer taxation on fees earned offshore, there is an increased interest among...more

To Report or Not to Report – Is it Really A Question?

In a May 15, 2017 Bankruptcy Court decision (Gardens Decision) from California’s Central District (In re Gardens Regional Hospital and Medical Center, Inc. (Bankr. C.D.Cal., May 15, 2017, No. 1617463), Judge Ernest M. Robles...more

IRS Guidelines Provide Greater Flexibility to Nonprofit Borrowers

by Polsinelli on

New guidelines from the Internal Revenue Service substantially overhaul safe harbors that have existed for 20 years. Specifically, the IRS recently released Revenue Procedure 2017-13 (“Rev. Proc. 2017-13”), which establishes...more

IRS Announces End Date for 403(b) Remedial Amendments

Many tax exempt employers sponsor Section 403(b) retirement plans to help their employees save money for retirement. A 403(b) plan offers the ability for an employee to make pre-tax contributions to the plan (similar to the...more

Update on the Department of Labor’s New Fiduciary Rules and Subsequent Challenges

On April 6, 2016, the Department of Labor under the Obama administration issued a new final rule and exemptions addressing when a person providing investment advice with respect to an employee benefit plan or individual...more

SEC Proposes Significant Alterations for Financial Obligation Disclosures for Governmental Issuers and Certain Nonprofit...

by Polsinelli on

The Securities and Exchange Commission (the "SEC") recently sent a clear message to participants in the municipal markets: it intends to require a greater level of disclosure, and more timely disclosure, regarding an...more

Into the Ether: EEA Another Showing of Support for Distributed Ledger Technology

by Morgan Lewis on

On February 28, a consortium of 30 companies announced the formation of the Enterprise Ethereum Alliance (EEA), a nonprofit foundation designed to “build, promote, and broadly support Ethereum-based technology best practices,...more

Alabama Ethics Commission Update

Last week, the Alabama Ethics Commission (the “Commission”) held its first of six scheduled meetings for the year. At the meeting, the Commission issued a new opinion addressing charitable solicitations and amended a...more

IRS Announces the Last Day of the Remedial Amendment Period for 403(b) Plans

The Internal Revenue Service recently issued Revenue Procedure 2017-18, which provides that the last day of the remedial amendment period for Code Section 403(b) retirement plans will be March 31, 2020. As discussed below,...more

Five Gnostic Exemptions From The Qualification Requirements Of The Corporate Securities Law

by Allen Matkins on

When looking for exemptions from the qualification requirements of the California Corporate Securities Law of 1968, a good place to start is Chapter 1, Part 2, Division 1 of Title 4 of the Corporations Code. Cal. Corp. Code...more

Year-End Tax Planning with Tax Credit-Funded Scholarships

The Alabama Accountability Act provides state income tax credits to certain donors who make contributions to a state-approved scholarship granting organization (SGO). Alabama’s neediest school children can be helped at little...more

New York Will Require Certain 501(c)(3) Organizations to Publicly Disclose Donors

Bill No. A. 10742/S. 8160, introduced during the final hours of the spring legislative session and signed into law by Governor Andrew Cuomo, requires 501(c)(3) organizations to publicly disclose the identities of certain...more

Benefit Corporations May Expense Payments to Charities

by Morgan Lewis on

In a General Information Letter addressing the tax treatment of benefit corporations, the Internal Revenue Service (IRS) stated that a taxable benefit corporation may deduct payments to charities as business expenses (and...more

Recaps from Proskauer’s 21st Annual Trick of Treat Tax Exempt Seminar

Proskauer’s 21st Annual Trick or Treat Seminar was held on Thursday, October 27. The Seminar discussed: Best Practices for Document Retention: One Size Does Not Fit All...more

IRS Clarifies Benefit Coverage Requirements for Employees of Tax-Exempt Disregarded Entities

by Robinson & Cole LLP on

The Internal Revenue Service (IRS) recently issued General Counsel Memorandum 201634021 (Memorandum), clarifying benefit coverage requirements for employees of a disregarded LLC wholly owned by a single member tax-exempt...more

Make Your Charity Great Again; Double-Check Your Compliance With State Registration Laws

by Partridge Snow & Hahn LLP on

Earlier this month, the New York Attorney General’s office ordered Donald Trump’s foundation to immediately stop soliciting charitable donations in the state. The attorney general also demanded that the Trump Foundation...more

Fall 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 not-for-profit entities in...more

IRS Says Employees of Disregarded Single-Member LLC May Participate in Parent’s 403(b) and 457(b) Plans

by Seyfarth Shaw LLP on

Seyfarth Synopsis: A recently published IRS memorandum provides that employees of a single-member LLC treated as a disregarded entity must be allowed to participate in a section 403(b) plan sponsored by its parent 501(c)(3)...more

IRS Relaxes Restrictions on Management Contracts for Bond-Financed Facilities

by Mintz Levin on

The IRS on August 22, 2016 released long-anticipated Revenue Procedure 2016-44 (Rev. Proc. 2016-44), which substantially increases flexibility in, and provides a less formulaic approach to, the ability of a tax-exempt bond...more

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