Ever wonder what will happen if you don’t comply with the California Attorney General‘s rules on charitable solicitation? Stay up at night wondering whether you’re going to be carted off to jail for failing to register? Hopefully you didn’t spend too much time getting to know the current rules, because the AG is thinking about …
Posts Categorized: News
Alleged Embezzlement Sets Off Review of Financial Procedures
How closely does your nonprofit’s board supervise financial transactions? Last week, a woman who handled financial transactions for the Roman Catholic Archdiocese of New York was charged with embezzling more than $1 million over 7 years. She allegedly issued hundreds of checks in small amounts to her son under the guise of paying bills to …
The “Buffet Rule” Preserves Charitable Giving Incentive
If you heard President Obama mention the “Buffet Rule” during his State of the Union address last week and worried whether the incentives for charitable giving would also be restricted, we now know that they will not. On February 1, Senate Democrats introduced the first proposed rule mirroring the Buffet Rule, officially named the “Paying …
Naming Rights Motivate Donors, But Also Lawsuits
If your organization has ever considered offering naming rights to motivate donors, just know that if you offer it, you better mean it. Last week jurors ruled that Integris Hospital had to not only return a $500,000 donation from Garth Brooks, but also had to pay an additional $500,000 in punitive damages. According to Brooks, …
IRS Updates 2011-2012 Plan
You are not the only one who makes to do lists. Last week, the IRS released updates to its Priority Guidance Plan, a checklist of items the IRS hopes to accomplish between July 2011 and June 2012. While the plan doesn’t provide any strict deadlines, these are projects the IRS will be actively working on …
Do New Charities Have to File Forms 990?
New organizations often ask us whether or not they have to file the Form 990. Recently the IRS made it clear that the answer is yes. The IRS explains that organizations must file the 990 even before they file the Form 1023 (or receive a determination letter) based on the belief that the organization is …