Shipman & Goodwin LLP

  • Established in 1919
  • Firm Size 188
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Exempt Organizations

Shipman & Goodwin represents a large and diverse group of institutional, not-for-profit clients, including hospitals and other healthcare facilities and organizations, colleges and universities, secondary schools and other educational organizations, private foundations, social clubs, cemetery associations, trade associations, fraternal organizations and quasi-governmental entities. The firm has committed substantial resources over many years to establish a broad and comprehensive array of legal services designed to meet every need of this clientele. These services include:

  • Formation of tax-exempt and nonstock organizations in Connecticut, Massachusetts, Delaware and other jurisdictions
  • Securing federal, state and local recognition of tax-exempt status and resolution of private foundation/public charity status
  • Counseling on governance-related issues, including compliance with nonstock corporation laws, conflict of interest policies, director and officer liability and intermediate sanctions
  • Review business activities and potential affect on tax-exempt status and/or liability for the tax on unrelated business taxable income
  • Preparation and review of qualified and nonqualified pension plans, employee benefits and executive compensation
  • Structure and review joint ventures or affiliations with taxable and tax-exempt entities
  • Organization and review of charitable donation and planned giving programs, and compliance with federal and state laws regarding the solicitation of charitable contributions
  • Merger, reorganization and dissolution of exempt organizations
  • Management of endowment funds and investments, including compliance with the Uniform Management of Institutional Funds Act
  • Conversion of exempt organizations to for-profit status
  • Tax-exempt financing, including State of Connecticut Health and Educational Facilities bond issues
  • Litigation involving matters such as disputes over gift instruments, claims to enforce charitable pledges, and donor standing to challenge the institutional use of charitable funds
  • Technology issues, including protecting rights to, and liability for, confidential data

Uniform Prudent Management of Institutional Funds Act (UPMIFA)

The Uniform Prudent Management of Institutional Funds Act (UPMIFA) provides guidance and authority to charitable organizations concerning the management, investment and expenditure of funds held by those organizations and UPMIFA imposes additional duties on those who manage and invest charitable funds as well as on the Boards of non-profit organizations who authorize spending decisions. These duties provide additional protections for charities and also protect the interests of donors who want to see their contributions used wisely.

Shipman & Goodwin Partner Barry C. Hawkins has conducted educational programs about UPMIFA in more than 20 states and testified in the legislatures of many others. He has been quoted in The Wall Street Journal, New York Times, and several dozen regional newspapers and national journals on UPMIFA.

UPMIFA modernizes the rules governing expenditures from endowment funds, both to provide stricter guidelines on spending from endowment funds and to give institutions the ability to cope more easily with fluctuations in the value of the endowment by authorizing the substitution of prudent spending rules for the previously inflexible requirements for maintaining historical dollar value.

Finally, UPMIFA updates the provisions governing the release and modification of restrictions on charitable funds to permit more efficient management of these funds. These provisions derive from the approach taken in the Uniform Trust Code (UTC) for modifying charitable trusts. Like the UTC provisions, UPMIFA’s modification rules preserve the historic position of the attorneys general in most states as the overseers of charities.

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Peer Reviews

4.6/5.0 (365 reviews)
  • Legal Knowledge

    4.6/5.0
  • Analytical Capability

    4.6/5.0
  • Judgment

    4.6/5.0
  • Communication

    4.6/5.0
  • Legal Experience

    4.6/5.0
  • 5.0/5.0 Review for Andrew Davis by a Partner on 03/05/14 in Environmental Law

    Andrew Davis is an attorney of the highest caliber. He understands the business objectives of his clients and works with them to achieve those objectives. He is skilled in explaining complex legal and technical concepts in a manner that is easy for... Read more

    Read more
  • 5.0/5.0 Review for J. Dormer Stephen III by a Associate/Assistant General Counsel on 09/19/13 in Private Equity

    I am Assistant Vice President and Senior Counsel with a Fortune 500 company and have used Dormer on various M&A and private equity transactions. Dormer is an experienced business lawyer, highly knowledgeable about venture capital and private equity... Read more

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Peer reviews submitted prior to 2008 are not displayed.

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Diversity

Shipman & Goodwin is committed to diversity and inclusiveness within the firm, the legal profession and the community. We value the unique backgrounds and distinct contributions of all individuals; our deep commitment is reflected in our efforts to promote understanding, advancement and empowerment.

Our firm management, Diversity Committee and other key members of the firm collaborate to emphasize action. We support ongoing initiatives to recruit, mentor and retain a diverse team of attorneys and staff. We sponsor organizations and develop events that share perspectives and raise awareness of diversity issues facing organizations and the community. We serve as leaders and partner with others to increase diversity in the legal profession.

 

Our Policy

 
One of our core values and objectives is to foster a diverse and inclusive workplace and to develop the outreach initiatives needed to ensure that such values and objectives are shared by everyone at our firm. Diversity, to us, means recognizing, accepting and including differences, such as race, gender, and sexual orientation. Our Strategic Plan recognizes that our continued success depends upon our ability to recruit, hire, train, mentor and retain excellent and diverse attorneys and staff. Maintaining an inclusive organization where all feel welcomed and empowered to succeed enables us to provide the breadth of experience and perspective that best serves our ever more diverse clientele and community.
 

 

Commitment

 
We have a tradition of supporting diversity initiatives both within and outside of the Firm. Among the first large Connecticut law firms to have a woman partner, we have been a leader in addressing and advancing women’s causes in the legal profession, and continue to have the highest percentage of female partners among large firms in Connecticut. We assisted in the formation of the Connecticut Lawyers Group on Minority Hiring and Retention in the late 1980s and were an original signatory of the Statement of Sixteen Connecticut Law Firms Regarding the Hiring and Retention of Minority Lawyers in January 1991. The principles of that Statement helped guide us in developing our hiring, mentoring and retention programs and policies to attract and retain diverse legal and non-legal personnel.

In 1993, we established our Diversity Committee, comprised of partners, associates and staff. The Diversity Committee’s original and ongoing mission includes three essential initiatives: (i) to act as a study group and to conduct programs to educate the Firm concerning diversity issues and to suggest diversity policies to implement at the Firm; (ii) to sponsor Firm-wide outreach activities and events, as part of our effort to increase the number of diverse attorneys at the Firm; and (iii) to act as a resource on diversity matters for the Management, Hiring, and Associates Committees, as well as other groups in the Firm. For 15 years, the Diversity Committee has pursued these initiatives and the Firm’s commitment to diversity and inclusiveness.

Together with other members of the Lawyers Collaborative for Diversity and diversity-based law school and bar organizations such as the South Asian Bar Association of Connecticut, the George W. Crawford Black Bar Association, the Black Law Students Association at the University of Connecticut School of Law, the Connecticut Hispanic Bar Association, the Lambda Law Society at the University of Connecticut School of Law, and the Connecticut Asian Pacific American Bar Association, we continue to work to make Connecticut an attractive environment for all lawyers and law students within which to thrive.

 

Diversity Team

 

Women at the Helm

Women attorneys and clients prosper at the firm. Nearly half our associates, 30 percent of our partners and many of our most valued clients are women. To celebrate this array of accomplished women, we are proud to present the Women at the Helm Breakfast Series. Our goal is to bring together diverse and talented women to share ideas and inspiration. At each seminar, a dynamic woman in business, government, medicine, education or the arts will share her insights and experience.

 

 

 

 

 

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