Practice Areas & Industries: Akerman Senterfitt

Practice/Industry Group Overview

With record amounts of wealth flowing into, and out of, 501(c)(3) tax-exempt organizations, the need for experienced legal advice and counsel is greater than ever. Unfortunately, few attorneys, even among those who consider themselves specialists, devote more than a small amount of their time to the study and practice of this area of law and even fewer have hands-on experience.

At every stage, from planning, the application for 501(c)(3) status, and the creation of by-laws and policies, to operational oversight, fund raising issues (governed by the State of Florida Solicitation of Funds Act), and the filing of annual reports, our attorneys can assist with every legal aspect of a charitable organization.

Services Available

We understand the differences between charities that simply raise and disburse funds, those with operations, like universities, museums, and orchestras, and those managing endowments. We advise on matters related to political activities, gift acceptance, prudent investing, and board liability. We have a great deal of experience in presenting sensitive matters to the IRS and achieving reasonable resolutions.

Clients often have a fear of dealing with the IRS. We understand how the IRS works and that when an attorney has a substantive understanding of the laws, as well as practical and IRS experience, it is a lot easier to get a favorable resolution.

Most private educational organizations, including the University of Miami, a longstanding Akerman client in this area, are charities as defined by section 501(c)(3). As such they are subject to the same rules and restrictions as any other tax-exempt organization. Even state universities have similar rules when it comes to gifts and unrelated business income. And every university foundation, regardless of the status of the parent institution, is subject to the laws governing tax-exempt bodies. Over the years we have developed a specialty working with colleges and universities.

Similarly, we have also done a great deal of work in the area of tax-exempt healthcare organizations, including hospitals, clinics, ambulatory surgical centers, and others. We know how they function organizationally, how they are structured, and how their legal needs must be addressed in order to safeguard and maximize the benefits of their tax-exempt status.

We have assisted in the establishment and ongoing operation of some of Florida's largest family foundations and many more modest family foundations. Through years of hands-on family foundation experience we have developed a body of knowledge that enables us to effectively and efficiently accomplish the philanthropic and other goals associated with family foundations.

Clients:
Mitchell Wolfson Sr. Foundation, Evelyn F. McKnight Brain Research Foundation, University of Miami, Dade Community Foundation, Walden University, Inc.