Resources, Forms, Checklists
Good Governance Practices for 501(c)(3) Organizations
The IRS issued these "Best Practices" guidelines (Feb. 2007) for Non-Profit Organizations. While these are not mandatory, the IRS believes adoption or clarification of policy in the following areas is advisable: mission statement; code of ethics and whistleblower policies; director duties of loyalty and due diligence and oversight of conflicts of interest; public transparency of activities and finances; fundraising policies; board oversight of finances; compensation of directors, officers and staff; and a document retention policy.
Charitable Giving Problems and Best Practices: June 22, 2004 testimony of IRS Commissioner: Includes at page 12 a discussion of misuse of tax exempt entities by donors who claim accelerated or inflated deductions, and also includes at page 15 advice on fair market valuation of patents.
E-file for Charities and Non-Profits: The IRS web page with information about the new electronic filing program for Form 990. Includes an application to participate in the IRS e-file program.
IRS Helps Small Business Retirement Plans Stay Compliant (June 2003)
In Revenue Procedure 2003-44, the IRS revises and simplifies the Employee Plans Compliance Resolution System (EPCRS). EPCRS permits plan sponsors to correct technical and administrative problems with their plans and thereby retain the tax-favored status of their plans. Rev. Proc 2003-44 modifies and supersedes Rev. Proc. 2002-47.
Table of record keeping requirements IRS Revenue Procedure 75-50 NonDiscrimination in Admissions & Operations
2003 - 2004 IRS Fact Sheet
Continuing Education Professional (CPE) texts pertaining to exempt organizations from FY1979 through FY2004. They are in PDF format and include a cumulative index. Click on "EO Tax Law Training" on the left side of the page. ( ax tip courtesy of Sean Scally, University Counsel and Tax Attorney, Vanderbilt University and Medical Center)
The American Council on Gift Annuities is a non-profit organization for the purpose of providing educational services to American charities on gift annuities and other planned gifts. It publishes suggested charitable gift annuity rates for use by charities and their donors. Its web site includes Gift Annuity Rates and in-depth information on regulation of gift annuities by state laws.
Information about the taxation of lawsuit awards and settlements is available from the IRS through its publication "Market Segment Specialization Program" online at www.irs.gov/businesses/page/0,,id=7050,00.html.
Last Revised 28-Feb-07 02:45 PM.
