Serving as a director of a nonprofit or exempt organization is as complex and often more burdensome than doing so for a for-profit enterprise. There is increased scrutiny from members of the organization, the IRS, and state attorneys general, continuing pressure to grow endowments and for greater returns, pressure for access to restricted funds to meet operational shortfalls, and increased scrutiny of management practices.
Monday, January 25, 2016
12:00 PM - 1:00 PM
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Nebraska Activity #118290, 1.0 hour CLE
Serving as a director of a nonprofit or exempt organization is as complex and often more burdensome than doing so for a for-profit enterprise. There is increased scrutiny from members of the organization, the IRS, and state attorneys general, continuing pressure to grow endowments and for greater returns, pressure for access to restricted funds to meet operational shortfalls, and increased scrutiny of management practices. Understanding the duties of these nonprofit directors—including those of loyalty, obedience, and care—is essential to avoiding liability and helping ensure the organization serves its mission. This program gives advisers of nonprofits a practical guide to the duties and liability of directors, forms of indemnification, best practices for endowment management and access to restricted funds, and more.
• Fiduciary duties of nonprofit/exempt organization directors—care, obedience, loyalty
• Sources and forms of liability—lawsuits from members, state and federal scrutiny
• Statutory, contractual, and organizational layers and forms of liability
• Risks of accessing restricted funds—policies, court orders, renegotiation with vendors
• Investment duties under the Uniform Prudent Management of Institutional Funds Act (UPMIFA)
• Standards for judging investment decisions, permissibility of pooling, and supervision of delegated authority
• Organizational best practices for director governance, including IRS standards
Michele A. W. McKinnon is a partner in the Richmond, Virginia, office of McGuireWoods LLP, where she has an extensive tax-exempt organization and charitable giving practice. She has more than 30 years of experience representing public charities, major colleges and universities, supporting organizations, large private foundations, and charitable trusts. She is a Fellow in the American College of Trust and Estate Counsel and formerly served as its Virginia State Chair. Ms. McKinnon received her L.L.M. in taxation from the College of William & Mary Marshall-Wythe School of Law.
Michael Lehmann is a partner in the New York office of Dechert LLP, where he specializes in tax issues related to nonprofits and the tax treatment of cross-border transactions. He advises hospitals and other health care providers, research organizations, low-income housing developers, trade associations, private foundations, and arts organizations. He advises clients on obtaining and maintaining tax-exempt status, executive compensation, reorganizations and joint ventures, acquisitions, and unrelated business income planning. Mr. Lehmann received his LL.M. from New York University School of Law.
To Register:Cost $89.00
If you need additional information on your CLE credits please contact:
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Sara Weber, Nebraska State Bar Association
(402) 475-7091 ext # 131; email@example.com