July 5, 2006
Not for Profit Troubles
Not for Profit Corporations (or nonprofit corporations) have been repeatedly in the news recently for scams. Some are overpaying their CEOs (NYSE), some are making political contributions (churches), some are not doing what they promised in exchange for their status (hospitals that do not treat the indigent), and some are in illegal tying arrangements with for profit business (home down payment charities). Without oversight by private owners, we must rely on the IRS and state attorney generals for regulation of not for profits. Charities are not high on their list of concerns. Abuse is the inevitable consequence.
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