News & Analysis as of

General Business Nonprofits

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

Court Holds That Board Of Trustees Of A Nonprofit Do Not Owe The Same Duties As A Trustee Of A Trust

by Winstead PC on

In Young v. Heins, Young brought third-party claims against the board of trustees of a nonprofit home owner association for breach of fiduciary duty, breach of the duty of good faith and fair dealing, breach of contract,...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

New Revenue Recognition Standard – Part IV: Determining the Transaction Price

by Thomas Fox on

This week I am exploring the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), for public business entities, certain not-for-profit...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

Legislature Poised to Open Up Medical Marijuana Licensing to For-Profits

by PretiFlaherty on

Last week, the Massachusetts House voted 126-28 to make major revisions to Chapter 334 of the Acts of 2016. That’s the law allowing recreational use of marijuana, which was enacted via an initiative petition on the November,...more

Iris House Provides Valuable Reminder to Landlords About Non-Profit Renters

Recently, the Supreme Court, Appellate Term, First Department, handed down a decision affirming the lower court in 2363 ACP Pineapple, LLC v. Iris House, Inc, 2017 NY Slip op 27047. As the attorney on this case, Michael D....more

Corporate Law & Governance Update - June 2017

by McDermott Will & Emery on

Board Termination of the "Unethical CEO" - An important new study concludes that CEO terminations for ethical lapses (as a percentage of overall CEO successions) has dramatically increased over the last five years. The...more

How To Select A Merger/Reorganization Structure That Is Right For Your Nonprofit

by Fox Rothschild LLP on

The nonprofit sector has seen a dramatic rise in the number of mergers and reorganizations. The constant need to reduce costs, especially in the health care sector, seems to be the driving force behind the movement. When...more

For Many Nonprofits, May 15 Is Tax Filing Deadline and Marks ‘Start of the Year’ Review

by Fox Rothschild LLP on

For nonprofit organizations, the IRS Form 990 return must be filed on or before the 15th day of the fifth month following the fiscal year-end – or May 15 for those using a Dec. 31 year-end. This deadline should also...more

Corporate Law & Governance Update - April 2017

by McDermott Will & Emery on

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: OVERSIGHT OF CORPORATE CULTURE - A significant emerging...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

California’s Storms Are Not California Dreaming

- It is essential to keep track of deadlines mandated under policies. - Keep in mind that several types of insurance—not just property insurance—may cover flood and storm-related losses (such as property damage, loss of...more

TIC Form SHC Deadline Approaching to Report U.S. Ownership of Foreign Securities

The U.S. Department of the Treasury recently released a revised Form SHC (with corresponding instructions), which is part of the Treasury International Capital (TIC) data reporting system. Form SHC is the mandatory five-year...more

New Law to Govern Pennsylvania Entities

Effective February 21, 2017, Pennsylvania law will change significantly for business corporations, nonprofit corporations, and especially for limited liability companies (“LLCs”), limited partnerships (“LPs”), limited...more

Corporate Law & Governance Update - February 2017

by McDermott Will & Emery on

THE #1 FIDUCIARY DUTY ISSUE OF 2017 - Positioning boards to exercise heightened engagement within the current “climate of uncertainty” is possibly the most important health system governance challenge of 2017. To...more

Public Finance Advisory: IRS Releases Clarifying Management Contracts Rules

by Sherman & Howard L.L.C. on

For the third time in as many years, the Internal Revenue Service (the “IRS”) has issued guidance for determining whether a management contract will result in private business use for property financed with governmental or...more

Do Outsiders Have Standing?

by Allen Matkins on

One of the essential elements of a contract is the consent of the parties. Cal. Civ. Code § 1550(2). When a party is not a corporation, there is always a question of whether the person or persons signing the contract have...more

Corporate Law & Governance Update - January 2017

by McDermott Will & Emery on

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: HEALTH POLICY INITIATIVES - Perhaps the most...more

Additional Clarifying Amendments to the Nonprofit Revitalization Act Signed Into Law

On November 28, 2016, Governor Cuomo signed into law Chapter 466 of the Laws of New York of 2016 (Assemb. Bill 10365B) (the “2016 Amendment”). The 2016 Amendment is intended to “improve and make clarifying amendments to the...more

ISO 37001: Answers to the 5 Questions We’ve Heard Most About the Standard

by NAVEX Global on

It’s been a month since ISO 37001 was published and there are some questions we have heard percolating in the compliance world about what this means. These are the questions we’ve been hearing the most...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

Corporate E-Note - October 2016

by Burr & Forman on

On November 30, 2016, Burr's Women in Business is sponsoring a panel discussion on "Cybersecurity: Are You At Risk?" at Five Rivers Delta Resource Center in Spanish Fort, Alabama. The panelists include Ed Castile, Deputy...more

Transferee Liability: The [Unlikely] Situation that your Nonprofit Receives a Charitable Gift with Expensive Tax Strings Attached

by Coblentz Patch Duffy & Bass on

The case of Salus Mundi Foundation et al v. Commissioner - On August 15, 2016, the Tax Court decided in Salus Mundi Foundation et al v. Commissioner, T.C. Memo. 2016-154, that two foundations were liable as transferees...more

Corporate Law and Governance Update - October 2016

by McDermott Will & Emery on

New Officer and Director FCA/Stark Exposure - Recent developments may merit a measured briefing to corporate leadership on the potential exposure of health industry officers and directors to financial penalties and other...more

Lessons Learned from Nu Skin

by Morgan Lewis on

The enforcement action against manufacturer Nu Skin Enterprises highlights the risks of making charitable donations in high-risk countries without conducting meaningful anticorruption due diligence....more

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