by Lisa A. Runquist Updated 7/14/01 1. Introduction Nonprofit organizations are big business. Because of this, and because of their unparalleled growth, nonprofits are receiving attention like they never have before (between 1974 and 1997, the sector doubled in size), both from Congress, and because of this, from the Internal Revenue Service. Another more disturbing…
by Lisa A. Runquist updated March, 2000 Exempt organizations are required to make their federal application for tax exemption (Forms 1023, 1024, etc.), and their federal informational returns (Forms 990, 990-EZ, etc.) available for inspection by anyone who requests to see them. However, in addition to this requirement, exempt organizations must also provide copies of…
Article I Purpose The purpose of the conflicts of interest policy is to protect the Corporation’s interest when it is contemplating entering into a transaction or arrangement that might benefit the private interest of an officer or director of the Corporation. This policy is intended to supplement but not replace any applicable state laws governing…
by Lisa A. Runquist Revised January, 2001 1. Introduction Nonprofit organizations are big business. Because of this, and because of their unparalleled growth, nonprofits are receiving attention like they never have before, both from Congress, and because of this, from the Internal Revenue Service. Another more disturbing reason is the spate of highly publicized scandals…
by Lisa A. Runquist February, 2001 Perhaps the most important change in the last 30 years in the area of nonprofit law occurred on July 30, 1996, when the Taxpayer Bill of Rights 2 added section 4958 to the Internal Revenue Code. Section 4958 adds intermediate sanctions as an alternative to revocation of the exempt…
by Lisa A. Runquist July 14, 2001 Raffles have been illegal in California. The California Constitution was amended by initiative, to allow the Legislature to authorize private, nonprofit, eligible organizations to operate raffles to provide funding for beneficial and charitable works. SB 639 was passed on August 30, 2000, was enrolled and signed by the…
by Lisa A. Runquist Revised January, 2001 “Piety is no defense to the assessments of the tax collector.” Scripture Press Foundation v. United States, 285 F.2d 800, 904 (1961), cert denied 368 U.S. 985. Religious organizations are not exempt from complying with the requirements of the Internal Revenue Code, or applicable state laws. However, there…
by Elizabeth R. Koller Whittenbury *Posted with Permission from California Lawyer. This file cannot be downloaded from this page. California Lawyer’s definition of reprint permission does not include the downloading, copying by third parties or any other type of transmission of any posted articles. This spring the Federal Trade Commission (FTC) issued an opinion letter…
by Lisa A. Runquist and Judy F. Zybach* Updated 7/14/01 On June 18, 1997, the “Volunteer Protection Act of 1997” was enacted into law by the United States Congress (111 Stat. 218). The purpose of the Act is to limit lawsuits against volunteers serving nonprofit public and private organizations and governmental agencies. The Act was…
by Lisa A. Runquist Note: This is simply a summary of the law in California concerning nonprofit corporations. It is not intended to be a complete statement of the law, and should not be relied upon as such. I. General Corporate Law A. Summary A corporation begins its legal existence by filing its Articles of…