Public Finance Alert: Post Issuance Compliance and Reporting for Qualified 501(c)(3) Bonds


There have been two major developments in the tax exempt bond area warranting your attention and follow-up action. The first involves a Compliance Check Questionnaire that was

randomly sent out in August 2007 to 209 Section 501(c)(3) organizations with tax-exempt debt outstanding. (See Compliance Check Questionnaire.) This initiative signaled the IRS’ concern with the compliance practices of nonprofits.

The second, announced in December 2007, requires expanded Form 990 disclosure for tax-exempt bond issues on a new Schedule K beginning in 2009. Although this may seem a long

way off, it is not too early to begin the development of practices and procedures to establish and maintain compliance with the federal tax-exempt bond rules for each of your bond issues.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Mintz Levin - Public Finance Matters | Attorney Advertising

Written by:


Mintz Levin - Public Finance Matters on:

JD Supra Readers' Choice 2016 Awards
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.