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|Is It Time for Your Church to Start an Endowment Fund?|
Louise A. Jackson; Eastman & Smith Ltd.;
December 18, 2013, previously published on December 2013Has your church received an unanticipated large bequest or gift? Have some of your older church members inquired about leaving bequests to the church but want them used to ensure the church’s future rather than being added to the current budget? Have there been instances where you as the...
|Do You Know Who Your Directors and Managers Are? The Often Overlooked Risk to Charities|
Michelle S. Thériault; McLennan Ross LLP;
December 17, 2013, previously published on Winter 2013As with any federal budget, the 2011 budget contained provisions that captured the attention of media and public alike. The changes to the governance of charities through amendments to the Income Tax Act (the “ITA”) were not among such provisions. Consequently, some very significant...
|Changes made to Charity Commission Annual Return|
Withers Bergman LLP;
December 13, 2013, previously published on December 13, 2013Under the new annual return regime, registered charities will be obliged to provide additional key information to the Commission including:
|Iowa Supreme Court Suspends Lawyer who was Duped by Nigerian Email Scam|
Colin C. Smith; Nyemaster Goode, P.C.;
December 13, 2013, previously published on December 6, 2013Today, the Iowa Supreme Court suspended an attorney’s license for twelve months for getting his clients to invest thousands of dollars in a Nigerian email scam.
Withers Bergman LLP;
December 13, 2013, previously published on December 6, 2013The Chancellor said yesterday in presenting his Autumn Statement that he wished to put beyond doubt that entities established for the purposes of tax avoidance would not have any entitlement to charitable tax reliefs and that the measure would be introduced in the Finance Bill 2014.
|Indemnification of Trustees, Officers and Employees: What Do You Have? What Should You Have?|
Warren J. Casey; Day Pitney LLP;
December 9, 2013, previously published on December 4, 2013The chairman of the board of trustees has lunch with a prospective trustee, or the board is looking to bring in a new executive director, and the candidate asks, "What are my indemnification protections?" How do you respond?
|New York's Non-Profit Revitalization Act of 2013: What You Need to Know|
Brooke Pollak; Day Pitney LLP;
December 9, 2013, previously published on December 4, 2013In the first major overhaul of New York's Non-Profit Corporation Law since 1970, in June the New York State Legislature passed the Non-Profit Revitalization Act of 2013 (the "Act"). The drafters of this piece of legislation were motivated by a desire to (i) modernize and ease the...
Willick Law Group;
December 5, 2013, previously published by Willick Law GroupA legal note from Marshal Willick about how feral paralegals are roaming the legal landscape, making practice harder for actual lawyers
|Federal Grant & Contract News for Nonprofits|
Elizabeth A. Buehler, Dismas Locaria, Jeffrey S. Tenenbaum, Jason R. Wool; Venable LLP;
November 29, 2013, previously published on November 2013With the federal government back to work, we saw several important federal initiatives continue in earnest in November. Two of these initiatives will have a tremendous impact on nonprofits’ reliance on federal grant and contract funds - the President’s cybersecurity efforts under...
|No Coverage for Policyholder for a Plaintiff’s Attorneys’ Fees Where the Lawsuit Did Not Allege a “Wrongful Act”|
Troutman Sanders LLP;
November 28, 2013, previously published on November 25, 2013In Screen Actors Guild v. Federal Insurance Co., the district court held that the D&O insurer for the Screen Actors Guild (“SAG”) was not obligated to reimburse an attorneys’ fee award and class plaintiff’s enhancement award because the amounts owed by SAG in the underlying...