Nonprofit Law for Colleges and Universities Essential Questions and Answers for Officers, Directors, and Advisors

by Hopkins, Bruce R.; Gross, Virginia C.; Schenkelberg, Thomas J.

• ISBN13: 9780470913437
• ISBN10: 0470913436
• Edition: 1st
• Format: Hardcover
• Copyright: 2011-08-09
• Publisher: Wiley

Summary

A hands-on guide to the most pertinent and critical legal issues facing those who lead and manage tax-exempt colleges and universitiesNonprofit Law for Colleges and Universities is a practical, accessible guide to nonprofit law as it is specifically applicable to exempt colleges and universities, and their related entities, such as fundraising foundations, endowment funds, supporting organizations, for-profit subsidiaries, and limited liability companies. Topics discussed will include governance, endowment funds management, the annual reporting requirements, and the unrelated business rules Written by the country's leading authorities on tax-exempt organizations Features essential, practical legal information in easy-to-understand English Presented in question-and-answer format, divided according to major topic areas that are of interest to those who lead and manage tax-exempt colleges and universitiesDesigned for the management and leadership of colleges and universities, as well as others working in the higher education field, such as lawyers, accountants, and fundraising/development personnel, Nonprofit Law for Colleges and Universities allows readers to easily search for and find answers to questions, putting all the information they need right at their fingertips.

Author Biography

BRUCE R. HOPKINS is a senior partner with the firm Polsinelli Shughart PC. He is the author or coauthor of thirty books, including The Law of Tax-Exempt Organizations, Tenth Edition; Planning Guide for the Law of Tax-Exempt Organizations; The Tax Law of Charitable Giving, Fourth Edition; and The Law of Fundraising, Fourth Edition, as well as the monthly newsletter Bruce R. Hopkins' Nonprofit Counsel, all published by Wiley.

VIRGINIA C. GROSS is a shareholder with the law firm Polsinelli Shughart PC. She concentrates her practice on counseling nonprofit organizations on their tax-exempt and nonprofit law matters. She has coauthored two other books for Wiley, Nonprofit Governance: Law, Practices, and Trends and The New Form 990: Law, Policy, and Preparation. Virginia is a frequent writer and speaker on nonprofit law topics.

THOMAS J. SCHENKELBERG is chair of the Polsinelli Shughart's Nonprofit Organizations Practice Group. His clients include national hospital systems, research organizations, private foundations, colleges, universities, associations, social welfare organizations, PACs, and governmental entities. He is a frequent writer and speaker on nonprofit law topics.

Table of Contents

Preface

About the Authors

Nonprofit Organizations Law Generally

Nonprofit Law Basics

Federal Tax Law Basics

Nonprofit Educational Organizations

Education Law Basics

Demographics

Nonprofit Law Basics

Acquiring and Maintaining Tax-Exempt Status

Nonprofit and Tax-Exempt Entities

Exemption Application Basics

General Procedures

Application Form 1023

Form 1023, Schedule B

Group Exemption

Acquiring and Maintaining Public Charity Status

Public Charity Law in General

Supporting Organizations in General

Type III Supporting Organizations

General Supporting Organization Questions

Donor-Advised Funds

Governance

Private Inurement, Private Benefit, and Excess Benefit Transactions

Introduction

Private Inurement

Private Benefit

Intermediate Sanctions

Executive Compensation

Concept of the Executive

Payment of Reasonable Compensation

Executive Compensation and the Governing Board

Legislative Activities

Expenditure Test

Social Welfare Organizations

Trade, Business, and Professional Associations

Reporting Requirements

Political Campaign Activities

Basic Federal Tax Law Rules

IRS Enforcement Efforts

Federal Election Laws

Reporting Requirements

Endowment Funds

Endowment Fund Basics

Demographics

Endowment Fund Management

Endowment Fund Investments

Endowment Fund Distributions

Endowment Fund Criticisms

Scholarships, Fellowships, and Other Student Assistance

Scholarship and Fellowship Law

Other Student Assistance Programs

Charitable Giving Rules

Charitable Giving Rules Basics

Percentage Limitations

Conditional, Unrestricted, and Restricted Gifts

Unique Forms of Donors

Special Gift Situations

Charity Auctions

Planned Giving

Charitable Remainder Trusts

Pooled Income Funds

Charitable Gift Annuities

Charitable Lead Trusts

Other Gifts of Remainder Interests

Fundraising Regulation

Federal Law Requirements

State Law Requirements

Unrelated Business Activities in General

General Unrelated Business Rules

Basic Rules

Debt-Financed Property Rules

Other Unrelated Business Rules

Contemporary Application of the Unrelated Business Income Rules

Entity Planning

Joint Venture Basics

Partnerships and Limited Liability Companies

Tax-Exempt Organizations and Joint Ventures

Tax-Exempt Organizations, Partnerships and Limited Liability Companies

Information Reporting

Annual Information and Other Returns

General Requirements

Return Contents

Unrelated Business Income Tax Returns

Accounting Methods and Financial Statements

Changes in General Operations

Public Inspection and Recordkeeping Requirements

Sanctions

Disclosure and Distribution Rules

Annual Information Returns

Exemption Applications

Disclosure and Distribution Sanctions

Provision of Goods And Services

Fundraising Disclosure

Other Documents and Requirements

Index

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