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The CM Law Library Blog seeks to inform the Cleveland-Marshall College of Law community about key legal education, research, practice, and law library news, with a particular focus on Cuyahoga County and Ohio as well as faculty research interests.

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IRS Issues New Governance Memorandum on Nonprofits

Marie Rehmar, Head of Reference Services, marie.rehmar@law.csuohio.edu | March 11, 2008 - 13:56

No, the IRS is not only interested in dollar amounts. As noted in the March 11, 2008 U.S. Law Week (vol. 76, no. 34, p. 2539 (available to CSU users remotely with a Scholar PIN) the IRS has recently issued Governance and Related Topics – 501(c)(3) Organizations.

Given the IRS’s belief that “a well-governed charity is more likely to obey the tax laws, safeguard charitable assets, and serve charitable interests than one with poor or lax governance,” this document includes sections related to Mission, Organizational Documents, Governing Body, Governance and Management Policies, Financial Statements and Form 990 Reporting, and Transparency and Accountability. It replaces the Feb. 2007 Discussion Draft, and includes references to the new 2008 Form 990.

For a “Summary of Redesigned Form 990” including the various schedules, see Bruce R. Hopkins’ Nonprofit Counsel (Vol. 25, No. 3, p.3, March 2008 - available via OhioLINK’s Electronic Journal Center 2003-present.)

Additional information resources for nonprofits are listed in the Law Library’s Nonprofit Law Resource Guide.


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