The New York State Attorney General, Eric Schneiderman, has emerged as a key leader of state officials committed to going after fraud and abuse in charities. Doing so has been a big favor to New York’s nonprofits, as it draws a high-profile distinction for the public...
You come into the world a blank slate, and as you grow, you gain wisdom. You've planned your estate to leave physical assets to beneficiaries, so now think about leaving them something that’s just as important but less tangible: the hard-won wisdom you’ve accumulated over...
A frequent criticism of the nonprofit world is that boards of directors are primarily populated with people far removed in wealth, background, circumstances, and experience from the people these organizations are formed to serve. There’s talk, of course, that this should change, but discussions about increasing...
“What kind of ‘ethical code’ tells struggling museums it is better to go bankrupt than sell even one artwork to cover operating expenses?" That’s the question posed by University of Kentucky law professor Brian L. Frye, MFA, JD, in a recent Twitter thread about a controversy...
It’s a classic “cart before the horse” scenario. Last year, in our 6-part When the Revenue Agent Comes Calling series, we discussed how the government official will use the IRS’s Form 14114, "Governance Check Sheet," to conduct an audit of your organization: An IRS revenue agent knocking at...
Comprehensive estate planning is more than your legacy after death, avoiding probate, and saving on taxes. Good estate planning includes a plan in place to manage your affairs if you become incapacitated during your life and can no longer make decisions for yourself. What happens without...
Recently, in Patient Advocacy Nonprofits’ Dark Ties to Industry, we highlighted the murky, questionable relationships of pharmaceutical companies with patient-advocacy groups. “Patient groups are supposed to represent patients,” we wrote. “But many have deep ties to industry.” The national media is now covering two new...
Board and staff of most nonprofits are aware that there’s a hefty set of federal tax laws that apply to their operations. Their main goal is to make sure that the coveted tax exemption is safe and secure. Of course, there are other categories of rules...
In the summer of 2016, we reported on the launch of an exciting $100-Million Grant Contest by the respected MacArthur Foundation. “Big problems require bold solutions” is the theme of this search for a “single proposal that will make measurable progress toward solving a significant...
A hot topic these days is donor advised funds. They are wildly popular as an alternative for wealthy individuals to bypass the disadvantages of setting up and maintaining a family foundation. One of the leading commercial DAF funds - The Fidelity Investments Charitable Gift Fund - is...