Wednesday, July 2, 2008

American Council on Education 501(c)(3) Due Diligence Checklist

The American Council on Education recently formulated a 501(c)(3) "Due Diligence" checklist that should prove helpful for nonprofits preventive law programs.  Here is the introduction:

The Internal Revenue Service recently redesigned the Form 990. As a result, non-profit organizations will be required to disclose, under penalty of perjury, whether they have in place various polices and procedures, some of which are mandatory under the Internal Revenue Tax Code or Sarbanes-Oxley. Other policies and procedures are voluntary but may become mandatory over time or may expose a non-profit to adverse publicity if absent. Below is a checklist of these rules, based primarily on the reporting requirements in the new Form 990. The rules become effective for returns filed for the applicable deadline in 2009 for organizations with tax years beginning on or after Jan. 1, 2008.

The comprehensive checklist was prepared by the law firm Arent Fox and contains lists of (1) suggested or required policies, (2) suggested procedures, and (3) suggested committees geared towards schools and hospitals.  It is designed for use in complying with the revised form 990.


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