What All Tax Exempt Organizations Need to Know

Size: px
Start display at page:

Download "What All Tax Exempt Organizations Need to Know"

Transcription

1 What All Tax Exempt Organizations Need to Know 2014

2 Agenda History of the Form 990: Origination and developments over time Context: Disclosures at Public Companies: Convergence of governance expectations within for-profit and not-for-profit entities Recent IRS Enforcement and Penalties: IRS investigations concerning compensation reporting practices New (2008) 990 Disclosure: New compensation disclosure rules; what has changed? IRS Compliance Project Of Higher Education: What are they asking? Submission Action Steps What s Next?

3 History of the Form 990 Context: Disclosures at Public Companies Recent IRS Enforcement and Penalties Disclosure IRS Compliance Project Of Higher Education Submission Action Steps What s Next?

4 What is the Form 990? Public information returns filed by organizations that are exempt from federal taxation; considered a skinny-down proxy filing containing financial information The form has become a key research tool for philanthropic donors and other interested parties Eliminates the necessity of separately reporting annual audited financial statements Incorporates some of the compensation disclosure elements of public company proxy statements

5 Form 990 Access IRS Form 990 is significantly more than just an annual tax filing because most of it is open to public inspection and the required questions are designed to inform the public of how tax exempt organizations operate IRS examiners Potential students Potential donors Competitors Media reporters The faculty and staff that work at your organization Local politicians Civic groups The content of your annual IRS 990 filings are just as important as your: Web site Annual statements Media advertising

6 History of the Form 990 Context: Disclosures at Public Companies Recent IRS Enforcement and Penalties New (2008) 990 Disclosure IRS Compliance Project Of Higher Education Submission Action Steps What s Next?

7 Context: Disclosures at Public Companies Public companies are now approaching the sixth year of the new proxy disclosure rules Proxy statement disclosures require detailed discussion of compensation philosophy, compensatory elements and decisions made regarding NEO compensation in the CD&A Proxy Statement compensation disclosure has spilled over into the Form 990 Increased stakeholder, attorneys general, government agencies and lawmakers focus on executive compensation in the for-profit, publicly traded and not-for-profit, tax-exempt worlds Efforts by the IRS and SEC to develop rules that increase the flow of information to the public while requiring organizations to be more transparent in their disclosures about executive compensation

8 Context: Disclosures at Public Companies continued New 990 compensation disclosure requirements are more in line with what is required of public companies While not requiring the depth of discussion that the CD&A entails, the new 990 requires that the Trustees understand the process by which compensation decisions are made via a series of yes and no questions Three guiding principles: Enhancing transparency (more disclosure and more detail) Promoting compliance (by collecting inspection screening information) Minimizing the burden on the filing organization by increasing reporting thresholds

9 History of the Form 990 Context: Disclosures at Public Companies Recent IRS Enforcement and Penalties New (2008) 990 Disclosure IRS Compliance Project Of Higher Education Submission Action Steps What s Next?

10 Recent IRS Enforcement and Penalties Hospitals Initiative Overview As part of an initial investigation into 990 reporting practices, the IRS commenced an Initiative Project in February 2004 (concluded in 2006) An additional initiative commenced in 2009 and completed in 2011 Over 2,000 compliance check letters 1,000 single issue examinations The purposes of the project were to: Address the compensation of specific individuals or instances of questionable compensation practices Increase of awareness of tax issues as organizations set compensation in the future Learn more about the practices organizations are following as they set compensation and report it to the IRS and the public IRS noted significant reporting issues existed Undocumented loans to insiders Compensation spread across related organizations Definition of reasonable compensation can be confusing Deferred compensation reporting errors Errors in executive benefits and perquisite disclosures

11 Recent IRS Enforcement and Penalties continued Hospitals Initiative Overview continued In 2006, the IRS continued to investigate how executive compensation was set and paid at targeted non-profit hospitals A letter questionnaire was sent to over 500 hospitals The examination led to the collection of over $21,000,000 in additional revenue from expanded excise tax assessments against 40 disqualified persons or insiders The IRS actually provides a checklist to assist organizations establish procedures to help avoid future IRS investigations

12 Recent IRS Enforcement and Penalties continued Filing Late, Incomplete, Incorrect Information, or Failure to Facilitate Public Inspection Requirements For the Organization Organizations with annual gross receipts exceeding $1 million are subject to a penalty of $100 for each day the failure continues (with a maximum penalty with respect to any one return of $50,000) For all other organizations, a penalty of $20 a day, not to exceed the smaller of $10,000 or 5% of the gross receipts of the organization for the year For Responsible Person(s) If the organization does not file a complete return or does not furnish correct information, the IRS will send the organization a letter that includes a fixed time to fulfill these requirements. After that period expires, the person failing to comply will be charged a penalty of $10 a day. The maximum penalty on all persons for a failure with respect to any one return shall not exceed $5,000

13 Intermediate Sanctions Overview Congress created the Intermediate Sanctions rules effective July 30, 1996 Before Intermediate Sanctions rules, the IRS could only respond to excess benefit transactions (EBTs) in two ways: Revoke the organization s tax-exempt status (rather extreme) Ignore the problem Intermediate Sanctions excise taxes under IRC Section 4958 are imposed on any disqualified person who engages in an EBT with an IRC Section 501(c)(3) or 501(c)(4) taxexempt organization, and on certain organization managers who knowingly, willfully, and without reasonable cause participate in such a transaction A disqualified person is defined as any individual who was, at any time during the 5-year period that ends on the date of the transaction, in a position to exercise substantial influence over the organization s affairs, including officers, directors, trustees, and certain other key employees An EBT is one in which the value of an economic benefit provided by a covered exempt organization to a disqualified person exceeds the value of the consideration received by the exempt organization

14 Intermediate Sanctions Overview continued Non-compliance Excise Taxes An initial excise tax of 25% on the amount of the excess benefit is assessed on the disqualified person who improperly benefits from an excess benefit transaction The disqualified person must correct the transaction (generally, undo the transaction and restore the excess benefit to the tax-exempt organization) If the EBT is not timely corrected, an additional excise tax is imposed, equal to 200% of the amount of the excess benefit In addition, an excise tax of 10% of the amount of the excess benefit, up to $10,000 per transaction, is imposed on any organizational managers (generally, officers, directors, or trustees) of the organization who knowingly, willfully, and without reasonable cause participate in an EBT

15 Intermediate Sanctions Overview continued Rebuttable Presumption of Reasonableness An important protection for disqualified persons and organization managers a rebuttable presumption that the amount of compensation paid is reasonable Once invoked, the rebuttable presumption has the effect of shifting the burden to the IRS to establish that a transaction is an unreasonable EBT

16 Intermediate Sanctions Overview continued Rebuttable Presumption of Reasonableness continued In order to obtain the benefit of the rebuttable presumption, the following three conditions must be satisfied: 1. Independent Board or Committee Approval: The arrangement must be approved in advance by the Board of Trustees (or a committee of independent non-employees, thereof, that is composed entirely of individuals who do not have a conflict of interest or a material interest with respect to the arrangement or transaction under consideration)

17 Intermediate Sanctions Overview continued Rebuttable Presumption of Reasonableness continued 2. Comparable Data Used: In approving the transaction, the Board of Trustees or Committee must obtain and rely upon appropriate comparability data The information must be sufficient to allow the Trustees or committee to determine whether the transaction is reasonable Relevant information may include for-profit or not-for-profit compensation surveys or data compiled by independent firms reflecting the size, complexity, and location of the organization All of the elements of compensation should be considered as they relate to functionally comparable positions 3. Documentation: The Board of Trustees or Committee must adequately document the basis for its approval and be consistent with their formally stated policy of statistical compensation pay-level targets and position comparison methodologies. (What, when, who, and follow up actions, if any, in a formal and approved document)

18 An Illustrative Example - EBT President s compensation: Three Trustees serve on the Committee that approves the compensation of the organization s new president. Each Trustee knows that the fair market value of the president s services does not exceed $350,000. Nevertheless, each Trustee votes to approve setting the president s compensation at $450,000. Each Trustee may be subject to an excise tax of $10,000 (10% x $100,000 excess benefit) as an organization manager ($30,000 in total)\ The president would be subject to an excise tax of $25,000 (25% x $100,000 excess benefit) and would be required to repay the $100,000 excess benefit, plus interest, to the organization in order to avoid the imposition of an additional tax of $200,000 (200% x $100,000 excess benefit)

19 History of the Form 990 Context: Disclosures at Public Companies Recent IRS Enforcement and Penalties New (2008) 990 Disclosure IRS Compliance Project Of Higher Education Submission Action Steps What s Next?

20 Top Changes to the Revised IRS Form Expanded Disclosures for compensation to officers, directors and key employees 2. Disclosure of compensation paid to officers, directors and key employees from related organizations 3. Definition of a related organization has been broadened 4. New disclosure of requirement that the organization state whether or not it has a conflict of interest policy

21 Summary of IRS Form 990 Changes 2008 Compensation of officers, directors, trustees, key employees, highest compensated employees, and independent contractors The 2008 form attempts to serve two primary purposes in the compensation area: 1. Simplify and obtain more uniform basic compensation reporting from all organizations, regardless of type or size, in Part VII of the core form 2. In some instances, obtain additional detailed information regarding a listed person s compensation and the organization s compensation practices, particularly in those cases where the organization has compensated one or more persons above certain amounts

22 Summary of IRS Form 990 Changes continued Part VII and Schedule J require calendar year Form W-2 and Form 1099-MISC reporting for all Form 990 filers, regardless of their tax year The form no longer permits fiscal year organizations to elect to report an individual s compensation amounts in Part VII or Schedule J on a fiscal year basis Fiscal year organizations are required to use fiscal year reporting, and to report aggregate compensation in Part IX, Statement of Functional Expenses Organizations are not required to reconcile compensation reported in Part VII for individuals whose compensation is included in the aggregate compensation reported in Part IX, Statement of Functional Expenses

23 Summary of IRS Form 990 Changes continued The 2008 Form 990 Part VII Section A consolidates the compensation portions of the 2007 Form 990 applicable to all filing organizations, and Schedule A, Part I (for top 5 highly compensated employees - HCEs), previously applicable only to charitable organizations Section B of the 2008 form, which replaces the 2007 Schedule A, Parts II A and II B, requires independent contractor reporting for all filing organizations (not just charities), but limits it to the five highest paid, whether for professional or for other services The threshold amount for reporting the top 5 HCEs and independent contractors for all organizations has increased from $50,000 to $100,000

24 Summary of IRS Form 990 Changes continued The 2008 Form 990 also contains a new Schedule J, Compensation Information, to report detailed compensation information for those individuals listed in Part VII whose W-2 income exceeds $150,000 or whose compensation with nontaxable fringe benefits and expense reimbursements exceed $250,000 and all former officer, trustee, key employee, and HCE listed on the core form Part VII and Schedule J make compensation reporting more objective by requiring calendar year reporting based on compensation reported on W-2 (Box 5) and 1099-MISC (Box 7) filings The instructions to Part VII and to Schedule J contain definitions of important terms that are intended to provide greater clarity and promote uniform reporting of compensation on the form Schedule J includes a breakout of: Base Salary Bonuses and incentive payments Other compensation i.e., Severance, income earned in prior years paid this year, qualified & nonqualified retirement contributions, etc Deferred compensation Select non-taxable benefits i.e., housing, education, life insurance, gross-ups, etc. Compensation reported in prior 990s

25 Summary of IRS Form 990 Changes continued Additional information will be required if anyone listed on the core form has received: Severance or change of control payments Supplemental non-qualified retirement plan Additional information is also required if the organization has: Payments or bonuses that are contingent on revenues or net earnings Initial contract exceptions to general compensation policies Other non-fixed (event or performance-based) payments These requirements are essentially inspired by the SEC proxy statement compensation disclosure rules in that they require the description of incentive plan details.

26 Summary of IRS Form 990 Changes continued Persons required to be listed (current and former) All current officers, directors, and trustees who served at any time during the calendar year ending with or within the organization s tax year (no compensation thresholds here) All current key employees earning over $150,000 from the organization and related organizations Has power to impact the operation of the overall organization, or Manages a segment or activity representing over 10% of the organization Current five HCEs (over $100,000 of reportable compensation from the organization and related organizations) All former officers or key employees, using a five year look-back period, who received more than $100,000 of reportable compensation from the organization and related organizations All former directors or trustees, using a five-year look-back period, who received, in their capacity as a former director or trustee, more than $10,000 of reportable compensation from the organization and related organizations A person who was a top 5 HCE in one of the five prior years, but only if the person was no longer employed by the organization during the calendar year, received $100,000 reportable compensation, and would have been a top 5 HCE for the calendar year if still an employee A special 2008 transition rule applies for non-(c)(3) organizations in this context, who were not required to report top 5 HCEs prior to 2008

27 Summary of IRS Form 990 Changes continued Parts IV, VI, and Schedule J have a series of Yes/No Checkboxes that require narrative explanations for Yes responses Does the process for determining compensation include a review and approval by independent persons, comparability data, and contemporaneously substantiation of the deliberation and decision? Was there a loan outstanding to or by a current or former officer, director, trustee, key employee, highly compensated employee, or disqualified person as of the end of the organization s tax year? Are there interlocking business or family relationships with other organizations? Do you have a whistleblowers policy? Do you have a conflict of interest policy? Do you offer reimbursements for: First-class or charter travel? Spousal travel? Tax indemnification and gross-up payments? Discretionary spending accounts? Housing allowances? Business use of a personal residence? Health or social club dues? Maid, chauffeur, chef, etc. services?

28 History of the Form 990 Context: Disclosures at Public Companies Recent IRS Enforcement and Penalties New (2008) 990 Disclosure IRS Compliance Project Of Higher Education Submission Action Steps What s Next?

29 IRS Compliance Project Of Higher Education The IRS kicked-off their 2008 Higher Education Compliance initiative by sending approximately four hundred questionnaires (Form September 2008) to a cross-section of small, mid-sized and large private and public four-year colleges and universities this October The cover letter was three (3) pages and had an enclosed CD with an electronic version of the questionnaire The instructions for the compliance questionnaire has nine (9) pages primarily of definitions and line item instructions The Form Compliance Questionnaire itself has 94 enumerated questions on 33 pages

30 IRS Compliance Project Of Higher Education continued IRS Form has four parts: Part 1 Organization Information (22 questions/6 pages) Part 2 Activities (10 questions/13 pages) Part 3 Endowment Funds (27 questions/5 pages) Part 4 Executive Compensation (35 questions/8 pages) All executive compensation questions pertain to the six highest paid officers, directors, trustees and/or key employees for the 2006 calendar year.

31 IRS Compliance Project Of Higher Education continued

32 IRS Compliance Project Of Higher Education continued

33 IRS Compliance Project Of Higher Education continued

34 IRS Compliance Project Of Higher Education continued

35 IRS Compliance Project Of Higher Education continued

36 IRS Compliance Project Of Higher Education continued

37 IRS Compliance Project Of Higher Education continued

38 IRS Compliance Project Of Higher Education continued

39 IRS Compliance Project Of Higher Education continued

40 History of the Form 990 Context: Disclosures at Public Companies Recent IRS Enforcement and Penalties New (2008) 990 Disclosure IRS Compliance Project Of Higher Education Submission Action Steps What s Next?

41 Submission Action Steps Have a team of experts prepare a trial run using your latest information to develop a preview of what your 2008 submission will look like Are there any surprises that you would like to address? Do you need to beef up your 990 preparation process? Can you reconcile your annual audit report to the Form 990 submission? Is the message you are sending consistent with your mission? Do you have a go-to person that can authoritatively answer Form 990 submission questions? Review your current process for setting compensation levels and identify areas that may not meet IRS standards Do you have Board approval of compensation levels and policies? Is there decision-making by individuals that may have possible conflicts of interest? Do you use comparable data for setting pay levels? Will data comparisons support the expanded 2008 levels of disclosed compensation? Has a recent study been conducted to support a rebuttable presumption of reasonability? Is there adequate documentation of the overall compensation decision-making process?

42 Submission Action Steps Continued Review your current executive benefits and expense reimbursements Are your policies documented? Are your benefits and reimbursements consistent with your organization s stated mission? Re-examine your Compensation Committee and how it operates Does it have a charter or is the committee in your By-Laws? Is it composed of independent Board members? Does it play an active role in developing pay levels and compensation policies? Is the process for reviewing and approving executive compensation documented? Are deliberations and decisions well documented? Consider adopting written policies regarding: Conflicts of interest Whistleblowers Board and Committee document retention and destruction

43 History of the Form 990 Context: Disclosures at Public Companies Recent IRS Enforcement and Penalties New (2008) 990 Disclosure IRS Compliance Project Of Higher Education Submission Action Steps What s Next?

44 What s Next? Don t panic this new form will impact all not-for-profit colleges and universities CEO and key officer pay will remain controversial Boards will have a greater role in setting executive pay levels and policies Executive benefits may be reduced in areas that send a message that conflicts with an institution s mission The initial year of disclosure under this new format will be difficult and will improve in subsequent years Bonuses and performance pay will be more visible and will become more prevalent as a result

45 CONTACT INFORMATION Richard V. Smith Managing Director ExeComp Solutions LLC 7150 E. Camelback Rd Scottsdale, AZ (480) David Chang Managing Director ExeComp Solutions LLC 51 JFK Parkway, First Floor West Short Hills, NJ (973)

Exempt Organizations Summary & Comments regarding the New Form 990

Exempt Organizations Summary & Comments regarding the New Form 990 Exempt Organizations Summary & Comments regarding the New Form 990 The Internal Revenue Service has released a draft of the revised Form 990, annual tax return for non profit organizations. The purpose

More information

1. The organization mission or most significant activities that you wish to highlight this year:

1. The organization mission or most significant activities that you wish to highlight this year: Form 990 Questionnaire For All Organizations Core Form Heading & Pt I Summary 1. The organization mission or most significant activities that you wish to highlight this year: 2. Total number of volunteers

More information

2015 EXEMPT ORGANIZATION INCOME TAX RETURN CHECKLIST (FORM 990)

2015 EXEMPT ORGANIZATION INCOME TAX RETURN CHECKLIST (FORM 990) 2015 EXEMPT ORGANIZATION INCOME TAX Client Name and Number: Prepared by: Date: Reviewed by: Date: 100) GENERAL INFORMATION DONE N/A 101) Determine if the organization is exempt from filing an exempt organization

More information

MODEL EXECUTIVE COMPENSATION POLICY FOR A CALIFORNIA PUBLIC BENEFIT NONPROFIT CORPORATION

MODEL EXECUTIVE COMPENSATION POLICY FOR A CALIFORNIA PUBLIC BENEFIT NONPROFIT CORPORATION About This Form: The Justice & Diversity Center s Community Organization Representation Project has designed the attached Executive Compensation Policy for a California Nonprofit Public Benefit Corporation.

More information

Trends in Not-For-Profit Compensation and Benefits

Trends in Not-For-Profit Compensation and Benefits Trends in Not-For-Profit Compensation and Benefits September 27, 2012 If you experience any technical difficulties, please contact 888.228.0988 or support@learnlive.com Awarding CPE for this session In

More information

Governance and Related Topics - 501(c)(3) Organizations

Governance and Related Topics - 501(c)(3) Organizations Governance and Related Topics - 501(c)(3) Organizations The Internal Revenue Service believes that a well-governed charity is more likely to obey the tax laws, safeguard charitable assets, and serve charitable

More information

Equity Compensation Vehicles

Equity Compensation Vehicles Equity Compensation Vehicles April 2014 INCENTIVE STOCK OPTIONS (ISOS) Grant Exercise Sale Incentive Stock Options Grant of incentive stock options to purchase stock at some later date (subject to certain

More information

Form 990 Return of Organization Exempt From Income Tax

Form 990 Return of Organization Exempt From Income Tax OMB No. 1545-0047 Form 990 Return of Organization Exempt From Income Tax Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except black lung 2011 benefit trust or private foundation)

More information

Lindalee A. Lawrence Lawrence Associates Real People Realizing Potential CP of NYS 2008 Annual Conference October 20, 2008

Lindalee A. Lawrence Lawrence Associates Real People Realizing Potential CP of NYS 2008 Annual Conference October 20, 2008 Trends in Executive Compensation and Wage and Salary Administration Lindalee A. Lawrence Lawrence Associates Real People Realizing Potential CP of NYS 2008 Annual Conference October 20, 2008 Findings and

More information

Return of Organization Exempt From Income Tax

Return of Organization Exempt From Income Tax Form 990 Return of Organization Exempt From Income Tax OMB No. 1545-0047 Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except black lung 2010 benefit trust or private foundation)

More information

NATIONAL BUSINESS INSTITUTE Tax Exempt Organizations from Start to Finish FORM 990: KEY COMPLIANCE POINTS AND DISCLOSURE CONSIDERATIONS

NATIONAL BUSINESS INSTITUTE Tax Exempt Organizations from Start to Finish FORM 990: KEY COMPLIANCE POINTS AND DISCLOSURE CONSIDERATIONS NATIONAL BUSINESS INSTITUTE Tax Exempt Organizations from Start to Finish FORM 990: KEY COMPLIANCE POINTS AND DISCLOSURE CONSIDERATIONS Michelle Huhnke Sugar Felsenthal Grais & Hammer LLP 30 North LaSalle

More information

IRS increases emphasis on not-for-profit health care

IRS increases emphasis on not-for-profit health care Michael W. Peregrine IRS increases emphasis on not-for-profit health care The IRS is scrutinizing the not-for-profit hospital sector. Healthcare financial managers should review developments as they occur.

More information

Serving the Non-Profit Industry August 2008. TheNewForm990 Life Under the Microscope for Non-Profits. By Reed W. Risteen, CPA. Partners, Blum Shapiro

Serving the Non-Profit Industry August 2008. TheNewForm990 Life Under the Microscope for Non-Profits. By Reed W. Risteen, CPA. Partners, Blum Shapiro Certified Public Accountants Business Consultants Non-Profit Notes Serving the Non-Profit Industry August 2008 Important Details Regarding Changes to Form 990 UPMIFA Implementation Issues Learn more inside.

More information

Report on Exempt Organizations Executive Compensation Compliance Project--Parts I and II March 2007

Report on Exempt Organizations Executive Compensation Compliance Project--Parts I and II March 2007 Report on Exempt Organizations Executive Compensation Compliance Project--Parts I and II March 2007 In 2004, the Internal Revenue Service, through the Exempt Organizations Office of the Tax Exempt and

More information

Instructions for Schedule L (Form 990 or 990-EZ)

Instructions for Schedule L (Form 990 or 990-EZ) 2011 Instructions for Schedule L (Form 990 or 990-EZ) Transactions With Interested Persons Department of the Treasury Internal Revenue Service Section references are to the Internal do so, it must file

More information

Note: Page 1 of 6 Instructions for Form CHAR500 (rev. 2010)

Note: Page 1 of 6 Instructions for Form CHAR500 (rev. 2010) New York State Department of Law (Office of the Attorney General) Charities Bureau - Registration Section Instructions for Form CHAR500 Annual Filing for Charitable Organizations www.charitiesnys.com Contents:

More information

Instructions for Schedule L (Form 990 or 990-EZ)

Instructions for Schedule L (Form 990 or 990-EZ) 2010 Instructions for Schedule L (Form 990 or 990-EZ) Transactions With Interested Persons Department of the Treasury Internal Revenue Service State whether the transaction has been Section references

More information

EXCESS BENEFIT AND REASONABLE COMPENSATION:

EXCESS BENEFIT AND REASONABLE COMPENSATION: EXCESS BENEFIT AND REASONABLE COMPENSATION: An Analysis of the Intermediate Sanctions Rules Prepared for the American Hospital Association and American College of Healthcare Executives by Hogan & Hartson,

More information

BROADRIDGE FINANCIAL SOLUTIONS, INC. COMPENSATION COMMITTEE CHARTER. stock option or other equity participation plans;

BROADRIDGE FINANCIAL SOLUTIONS, INC. COMPENSATION COMMITTEE CHARTER. stock option or other equity participation plans; BROADRIDGE FINANCIAL SOLUTIONS, INC. COMPENSATION COMMITTEE CHARTER I. Purpose The Compensation Committee (the Committee ) of the Board of Directors of Broadridge Financial Solutions, Inc., a Delaware

More information

Pennsylvania Real Estate Investment Trust Corporate Governance Guidelines

Pennsylvania Real Estate Investment Trust Corporate Governance Guidelines Pennsylvania Real Estate Investment Trust Corporate Governance Guidelines I. Trustee Qualification Standards 1. Independence Criteria. The majority of the Board of Trustees of Pennsylvania Real Estate

More information

AMERICAN EXPRESS COMPANY CORPORATE GOVERNANCE PRINCIPLES (as amended and restated as of February 23, 2015)

AMERICAN EXPRESS COMPANY CORPORATE GOVERNANCE PRINCIPLES (as amended and restated as of February 23, 2015) AMERICAN EXPRESS COMPANY CORPORATE GOVERNANCE PRINCIPLES (as amended and restated as of February 23, 2015) 1) Director Qualifications A significant majority of the Board of Directors shall consist of independent,

More information

GREAT PLAINS ENERGY INCORPORATED BOARD OF DIRECTORS CORPORATE GOVERNANCE GUIDELINES. Amended: December 9, 2014

GREAT PLAINS ENERGY INCORPORATED BOARD OF DIRECTORS CORPORATE GOVERNANCE GUIDELINES. Amended: December 9, 2014 GREAT PLAINS ENERGY INCORPORATED BOARD OF DIRECTORS CORPORATE GOVERNANCE GUIDELINES Amended: December 9, 2014 Introduction The Board of Directors (the Board ) of Great Plains Energy Incorporated (the Company

More information

CAPACITY BUILDING AND OVERSIGHT BEST PRACTICES

CAPACITY BUILDING AND OVERSIGHT BEST PRACTICES CAPACITY BUILDING AND OVERSIGHT BEST PRACTICES NOT-FOR-PROFIT VENDOR REVIEWS MAYORS OFFICE OF CONTRACT SERVICES 1) Not-for-profit organization has effective and dynamic governance structure a) At least

More information

New York Nonprofit Revitalization Act Frequently Asked Questions

New York Nonprofit Revitalization Act Frequently Asked Questions Amending Corporate Purposes New York Nonprofit Revitalization Act Frequently Asked Questions Dated as of October 20, 2014 Question: How will a not-for-profit corporation amend its Certificate of Incorporation

More information

Philanthropy as a Family Affair: Using a Private Foundation to Achieve Your Charitable Goals ~ Susan B. Hecker

Philanthropy as a Family Affair: Using a Private Foundation to Achieve Your Charitable Goals ~ Susan B. Hecker Philanthropy as a Family Affair: Using a Private Foundation to Achieve Your Charitable Goals ~ Susan B. Hecker Establishing a private foundation can be a fulfilling way to work with charities, but be prepared

More information

Club & LSC Financial Management. Jill J. Goodwin, CPA Waugh & Goodwin, LLP jgoodwin@waughgoodwinllp.com

Club & LSC Financial Management. Jill J. Goodwin, CPA Waugh & Goodwin, LLP jgoodwin@waughgoodwinllp.com Club & LSC Financial Management Jill J. Goodwin, CPA Waugh & Goodwin, LLP jgoodwin@waughgoodwinllp.com Form 990 Forms 1099 and W 2 State taxes Other current issues TAX ISSUES Form 990 File Form 990, 990

More information

The size and composition of the Board is to be determined from time to time by the Board itself in an effort to balance the following goals:

The size and composition of the Board is to be determined from time to time by the Board itself in an effort to balance the following goals: AMERICAN INTERNATIONAL GROUP, INC. CORPORATE GOVERNANCE GUIDELINES (Effective March 11, 2015) I. INTRODUCTION The Board of Directors (the Board ) of American International Group, Inc. ( AIG ), acting on

More information

Best Practices: Nonprofit Corporate Governance

Best Practices: Nonprofit Corporate Governance Best Practices: Nonprofit Corporate Governance One of the most significant and valuable developments of the post-sarbanes-oxley Act environment has been the emergence of governance Best Practices proposals

More information

Lincoln National Corporation Board of Directors Corporate Governance Guidelines

Lincoln National Corporation Board of Directors Corporate Governance Guidelines Lincoln National Corporation Board of Directors Corporate Governance Guidelines I. Introduction The Board of Directors of Lincoln National Corporation (the Corporation or LNC ), acting on the recommendation

More information

HUEY & ASSOCIATES, P.C. NON-PROFIT TAX ORGANIZER - 990

HUEY & ASSOCIATES, P.C. NON-PROFIT TAX ORGANIZER - 990 HUEY & ASSOCIATES, P.C. NON-PROFIT TAX ORGANIZER - 990 ORG1 Please fill out the information below unless it is not applicable to your organization. Organization Information: Organization Name: Address:

More information

Form 990 instructions for 2013 - Summary of changes

Form 990 instructions for 2013 - Summary of changes No. 2013-107 December 23, 2013 Form 990 instructions for 2013 - Summary of changes December 23: The IRS publicly posted the final version of the instructions for Form 990 for tax years beginning in 2013.

More information

FAQ: Golden parachute payments under Section 280G

FAQ: Golden parachute payments under Section 280G FAQ: Golden parachute payments under Section 280G Companies that are planning for a merger or acquisition have various issues to consider as they prepare for the transaction, one of the issues being golden

More information

Corning Incorporated Corporate Governance Guidelines

Corning Incorporated Corporate Governance Guidelines Corning Incorporated Corporate Governance Guidelines The Board of Directors of Corning Incorporated, acting on the recommendation of its Nominating and Corporate Governance Committee, has adopted these

More information

Form 990 Return of Organization Exempt From Income Tax

Form 990 Return of Organization Exempt From Income Tax OMB No. 1545-0047 Form 990 Return of Organization Exempt From Income Tax Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except private foundations) 2014 Do not enter social security

More information

Corporate Governance Guidelines

Corporate Governance Guidelines Corporate Governance Guidelines The following corporate governance guidelines have been approved and adopted by the Board of Directors (the Board ) of Visa Inc. (the Company ), and along with the charters

More information

Governance Challenges for Nonprofits Posed by the New IRS Form 990 By Michael E. Malamut and Lisa A. Runquist In light of the Enron debacle and

Governance Challenges for Nonprofits Posed by the New IRS Form 990 By Michael E. Malamut and Lisa A. Runquist In light of the Enron debacle and Governance Challenges for Nonprofits Posed by the New IRS Form 990 By Michael E. Malamut and Lisa A. Runquist In light of the Enron debacle and parallel scandals in the nonprofit world, Congress and the

More information

HP INC. BOARD OF DIRECTORS HR AND COMPENSATION COMMITTEE CHARTER

HP INC. BOARD OF DIRECTORS HR AND COMPENSATION COMMITTEE CHARTER HP INC. BOARD OF DIRECTORS HR AND COMPENSATION COMMITTEE CHARTER I. Purpose The purposes of the HR and Compensation Committee (the Committee ) of the Board of Directors (the Board ) of HP Inc. ( HP ) are:

More information

NONPROFIT EXECUTIVE COMPENSATION

NONPROFIT EXECUTIVE COMPENSATION WHAT YOU NEED TO KNOW ABOUT NONPROFIT EXECUTIVE COMPENSATION by GuideStar November 2015 What You Need to Know about Nonprofit Executive Compensation Prepared by GuideStar November 2015 Introduction Like

More information

SCCE Higher Education Compliance Conference

SCCE Higher Education Compliance Conference 1 SCCE Higher Education Compliance Conference IRS Compliance Project: Findings, Examinations, and Mock-Audits June 13 th, 2011 Presenters Monica Modi Dalwadi, CPA, CIA, CFE Senior Manager Baker Tilly Virchow

More information

IRS Releases Draft Instructions to Revised Form 990

IRS Releases Draft Instructions to Revised Form 990 IRS Releases Draft Instructions to Revised Form 990 April 22, 2008 Boston Brussels Chicago Düsseldorf Houston London Los Angeles Miami Munich New York Orange County Rome San Diego Silicon Valley Washington,

More information

EXECUTIVE CHANGE IN CONTROL REPORT 2013 / 2014

EXECUTIVE CHANGE IN CONTROL REPORT 2013 / 2014 EXECUTIVE CHANGE IN CONTROL REPORT 2013 / 2014 ANALYSIS OF EXECUTIVE CHANGE IN CONTROL ARRANGEMENTS OF THE TOP 200 COMPANIES Prepared By The Compensation and Benefits Practice of Alvarez & Marsal Taxand,

More information

A Legal Checklist for Not-for-Profit Organizations

A Legal Checklist for Not-for-Profit Organizations A Legal Checklist for Not-for-Profit Organizations This 10-point checklist is written to help busy charitable organizations stay on top of today s regulatory compliance requirements. For further information,

More information

Record-Keeping Requirements. Weil, Gotshal & Manges LLP

Record-Keeping Requirements. Weil, Gotshal & Manges LLP Record-Keeping Requirements Acknowledgements This is one in a series of webinars dealing with the operation of small nonprofit organizations. It is being conducted in partnership with Weil Gotshal and

More information

Highlights of IRS Form 990

Highlights of IRS Form 990 Highlights of IRS Form 990 IRS Form 990 contains a wealth of information far too much to discuss in a quick overview. Here, however, is a review of the parts of the form as well as an introduction to several

More information

Coach, Inc. Corporate Governance Principles

Coach, Inc. Corporate Governance Principles Coach, Inc. Corporate Governance Principles The following principles have been approved by the Board of Directors and, along with the charters and protocols of the Board committees, provide the framework

More information

INTREPID POTASH, INC. CORPORATE GOVERNANCE GUIDELINES

INTREPID POTASH, INC. CORPORATE GOVERNANCE GUIDELINES INTREPID POTASH, INC. CORPORATE GOVERNANCE GUIDELINES The Board of Directors (the Board ) of Intrepid Potash, Inc. (the Corporation ) has adopted these Corporate Governance Guidelines as a framework to

More information

AGB & NACUBO Alert: IRS Issues Final Report on College and University Compliance Project

AGB & NACUBO Alert: IRS Issues Final Report on College and University Compliance Project AGB & NACUBO Alert: IRS Issues Final Report on College and University Compliance Project On April 25, 2013, the Internal Revenue Service (IRS) released its long-awaited final report on its Colleges and

More information

Immune Therapeutics. Corporate Governance Guidelines.

Immune Therapeutics. Corporate Governance Guidelines. Immune Therapeutics Corporate Governance Guidelines The Board of Directors has adopted these Guidelines in order to reflect the Company s commitment to good corporate governance. The Board believes that

More information

Income Tax Issues Affecting Small Nonprofit Organizations

Income Tax Issues Affecting Small Nonprofit Organizations Income Tax Issues Affecting Small Nonprofit Organizations A free resource provided by the Virginia Society of Certified Public Accountants 2 Income Tax Issues Affecting Small Nonprofit Organizations A

More information

Form 990 and Tax Update Olivia A. Hutton, CPA

Form 990 and Tax Update Olivia A. Hutton, CPA Form 990 and Tax Update Olivia A. Hutton, CPA Certified Public Accountants and Consultants Connecting depth and insight with community values. Your 990 should prove that you are: Organized and operated

More information

ADVANCED DRAINAGE SYSTEMS, INC.

ADVANCED DRAINAGE SYSTEMS, INC. I. Purpose ADVANCED DRAINAGE SYSTEMS, INC. Approved by Compensation and Management Development Committee on May 7, 2014 Approved and Adopted by Board of Directors on May 7, 2014 Compensation and Management

More information

Tax Update. October 28, 2014

Tax Update. October 28, 2014 Tax Update October 28, 2014 SC&H Group Agenda Update from the IRS Expired Tax Provisions Impacting Exempt Organizations Proposed Legislation Impacting Tax Exempt Organizations Changes to the 2013 Form

More information

PAYING FOR THE BEST: EXECUTIVE COMPENSATION FOR SECTION 501(c)(3) PUBLIC CHARITIES

PAYING FOR THE BEST: EXECUTIVE COMPENSATION FOR SECTION 501(c)(3) PUBLIC CHARITIES white paper OCTOBER 2012 PAYING FOR THE BEST: EXECUTIVE COMPENSATION FOR SECTION 501(c)(3) PUBLIC CHARITIES VENABLE LLP 10/2012 CALIFORNIA MARYLAND NEW YORK VIRGINIA WASHINGTON, DC 1.888.VENABLE ww.venable.com

More information

DELAWARE GOVERNANCE PRINCIPLES Steptoe & Johnson LLP (Overview) David Roll Richards, Layton & Finger, P.A. Samuel A. Nolen

DELAWARE GOVERNANCE PRINCIPLES Steptoe & Johnson LLP (Overview) David Roll Richards, Layton & Finger, P.A. Samuel A. Nolen Last Updated: June 2013 DELAWARE GOVERNANCE PRINCIPLES Steptoe & Johnson LLP (Overview) David Roll Richards, Layton & Finger, P.A. Samuel A. Nolen Table of Contents 1. The Sarbanes-Oxley Good Governance

More information

RALLY SOFTWARE DEVELOPMENT CORP.

RALLY SOFTWARE DEVELOPMENT CORP. RALLY SOFTWARE DEVELOPMENT CORP. CHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS Approved by the Board of Directors on March 19, 2013 PURPOSE The primary purpose of the Compensation Committee

More information

CHICO S FAS, INC. CORPORATE GOVERNANCE GUIDELINES. The Board may review and revise these guidelines from time to time as necessary.

CHICO S FAS, INC. CORPORATE GOVERNANCE GUIDELINES. The Board may review and revise these guidelines from time to time as necessary. CHICO S FAS, INC. CORPORATE GOVERNANCE GUIDELINES Introduction The Board of Directors (the Board ) of Chico FAS, Inc. (the Company ) has developed corporate governance guidelines to help it fulfill its

More information

Complying with the New IRS Requirements

Complying with the New IRS Requirements Complying with the New IRS Requirements NRHA Critical Access Hospital Conference October 16, 2008 Maureen Mudron AHA Deputy General Counsel The New Landscape Beginning in tax year 2008, taxexempt organizations

More information

CALIFORNIA GOVERNANCE LAWS AND PRINCIPLES Morrison & Foerster LLP Susan Mac Cormac and Clare Reilly 1

CALIFORNIA GOVERNANCE LAWS AND PRINCIPLES Morrison & Foerster LLP Susan Mac Cormac and Clare Reilly 1 Last Updated: October 2013 CALIFORNIA GOVERNANCE LAWS AND PRINCIPLES Morrison & Foerster LLP Susan Mac Cormac and Clare Reilly 1 Table of Contents 1. Good Governance Under California Law 2. Reporting Systems

More information

Excess Benefit Transactions Under Section 4958 And Revocation Of Tax-Exempt Status

Excess Benefit Transactions Under Section 4958 And Revocation Of Tax-Exempt Status Excess Benefit Transactions Under Section 4958 And Revocation Of Tax-Exempt Status Originally published in the Spring 2009 issue of The Practical Tax Lawyer, published by ALI-ABA in cooperation with the

More information

The Procter & Gamble Company Board of Directors Corporate Governance Guidelines

The Procter & Gamble Company Board of Directors Corporate Governance Guidelines The Procter & Gamble Company Board of Directors Corporate Governance Guidelines I. Board Purpose and Responsibilities. The Board represents and acts on behalf of all shareholders of the Company. The Board,

More information

DETERMINING REASONABLE COMPENSATION FOR FOUNDATION DIRECTORS AND TRUSTEES

DETERMINING REASONABLE COMPENSATION FOR FOUNDATION DIRECTORS AND TRUSTEES DETERMINING REASONABLE COMPENSATION FOR FOUNDATION DIRECTORS AND TRUSTEES A Guidance Memorandum From the Board of Directors of the Council on Foundations Council on Foundations December 6, 2002 The Board

More information

Governance Principles

Governance Principles Governance Principles copyright 201 general electric company Governance Principles The following principles have been approved by the board of directors and, along with the charters and key practices of

More information

The New IRS Form 990 - Part 1

The New IRS Form 990 - Part 1 The New IRS Form 990 - Part 1 Dear Nonprofit Colleague, As you may know, the IRS has radically changed Form 990, the annual information tax return for nonprofit organizations. The new 990 is such a departure

More information

ADVANCED DRAINAGE SYSTEMS, INC. CORPORATE GOVERNANCE GUIDELINES

ADVANCED DRAINAGE SYSTEMS, INC. CORPORATE GOVERNANCE GUIDELINES ADVANCED DRAINAGE SYSTEMS, INC. CORPORATE GOVERNANCE GUIDELINES These Corporate Governance Guidelines have been adopted by the Board of Directors (the Board ) of Advanced Drainage Systems, Inc. (the Company

More information

FOUNTAIN HOUSE CONFLICT OF INTEREST AND DISCLOSURE POLICY

FOUNTAIN HOUSE CONFLICT OF INTEREST AND DISCLOSURE POLICY FOUNTAIN HOUSE CONFLICT OF INTEREST AND DISCLOSURE POLICY As a publicly supported charitable organization, Fountain House ( FH ) has a special obligation to uphold the public trust. Every director, officer,

More information

Form 990-N and 990-EZ Filing Tips

Form 990-N and 990-EZ Filing Tips Form 990-N and 990-EZ Filing Tips Today s Speakers 2 Joe Kroll Rich Crom Presentation objectives Provide tips to help you save time in preparing the forms Explain steps to avoid penalties Discuss automatic

More information

NYSE Listed Company Manual Section 303A Corporate Governance Standards Frequently Asked Questions

NYSE Listed Company Manual Section 303A Corporate Governance Standards Frequently Asked Questions NYSE Listed Company Manual Section 303A Corporate Governance Standards Frequently Asked Questions Section A - Questions with Respect to Transition Periods 1. Reserved. Reserved 1/4/10. 2. Reserved. Reserved

More information

CORPORATE GOVERNANCE GUIDELINES

CORPORATE GOVERNANCE GUIDELINES CORPORATE GOVERNANCE GUIDELINES As amended September 3, 2015 57276 The Board has adopted these Guidelines and the committee charters to provide a framework for the functioning of the Board. The Board will

More information

NEW JERSEY GOVERNANCE PRINCIPLES Day Pitney LLP Lori J. Braender

NEW JERSEY GOVERNANCE PRINCIPLES Day Pitney LLP Lori J. Braender Last Updated: January 2012 NEW JERSEY GOVERNANCE PRINCIPLES Day Pitney LLP Lori J. Braender Table of Contents 1. The Sarbanes-Oxley Good Governance Principles 2. IRS Encourages Good Governance Policies

More information

The maze to determine a board member s independent status Laura J. Kenney and Peggy A. Bradshaw*

The maze to determine a board member s independent status Laura J. Kenney and Peggy A. Bradshaw* The maze to determine a board member s independent status Laura J. Kenney and Peggy A. Bradshaw* The definition of independent is amazingly complicated. One would think it intuitive to determine whether

More information

This Announcement invites public comments on transitional issues and frequently

This Announcement invites public comments on transitional issues and frequently 2011 Form 990 Issues for Public Comment Announcement 2011-36 PURPOSE This Announcement invites public comments on transitional issues and frequently asked questions involving the redesigned Form 990. BACKGROUND

More information

What You Need to Know about Nonprofit Executive Compensation Prepared by GuideStar USA, Inc.

What You Need to Know about Nonprofit Executive Compensation Prepared by GuideStar USA, Inc. What You Need to Know about Nonprofit Executive Compensation Prepared by GuideStar USA, Inc. www.guidestar.org Introduction Like religion, politics, and sports, nonprofit executive compensation often evokes

More information

MAINE GOVERNANCE PRINCIPLES Bernstein Shur Kevan Rinehart and Beth Sellers

MAINE GOVERNANCE PRINCIPLES Bernstein Shur Kevan Rinehart and Beth Sellers MAINE GOVERNANCE PRINCIPLES Bernstein Shur Kevan Rinehart and Beth Sellers Table of Contents 1. The Sarbanes-Oxley Good Governance Principles 2. IRS Encourages Good Governance Policies 3. Good Governance

More information

So you re thinking of forming a nonprofit organization?

So you re thinking of forming a nonprofit organization? A C O M M U N I T Y G U I D E So you re thinking of forming a nonprofit organization? NEW YORK LAWYERS FOR THE PUBLIC INTEREST THE FORMATION AND QUALIFICATION OF A NONPROFIT ORGANIZATION 1 Table of Contents

More information

Governor Cuomo Signs New York Non-Profit Revitalization Act of 2013

Governor Cuomo Signs New York Non-Profit Revitalization Act of 2013 Governor Cuomo Signs New York Non-Profit Revitalization Act of 2013 On Thursday, December 19, Governor Cuomo signed the New York Non-Profit Revitalization Act of 2013 which aims to reduce burdens on the

More information

Guide to Nondiscrimination Testing for Code Section 403(b) Plans. For Employers

Guide to Nondiscrimination Testing for Code Section 403(b) Plans. For Employers Guide to Nondiscrimination Testing for Code Section 403(b) Plans For Employers Table of contents PREFACE... III Question and Answers about Nondiscrimination Testing for Section 403(b) Tax-Sheltered Annuity

More information

Executive Retirement Arrangements

Executive Retirement Arrangements COMPENSATION COMMITTEE HANDBOOK &A Executive Retirement Arrangements Qualified Retirement Plans A qualified retirement plan is a funded plan for which organizational assets irrevocably have been set aside,

More information

Nonprofit Transparency What Your Organization Must Do to Satisfy the IRS

Nonprofit Transparency What Your Organization Must Do to Satisfy the IRS Nonprofit Transparency What Your Organization Must Do to Satisfy the IRS The Internal Revenue Code provides that a tax-exempt organization must make available to the public certain information about the

More information

CONFLICT OF INTEREST AND COMPENSATION APPROVAL POLICY

CONFLICT OF INTEREST AND COMPENSATION APPROVAL POLICY CONFLICT OF INTEREST AND COMPENSATION APPROVAL POLICY ARTICLE I PURPOSE The purpose of the Reno Initiative for Shelter and Equality s ( RISE ) conflict of interest policy is to protect the corporation

More information

The Guide to Not-For-Profit Governance 2014

The Guide to Not-For-Profit Governance 2014 The Guide to Not-For-Profit Governance 2014 Title Not-For-Profit Governance and Best Practices 1 New Governance Rules for New York Not-For-Profit Corporations It s Time to Prepare 2 Duties and Liabilities

More information

THE NONPROFITS REVITALIZATION ACT OF 2013 REQUIRES MANY CHANGES FOR NEW YORK NONPROFIT ORGANIZATIONS

THE NONPROFITS REVITALIZATION ACT OF 2013 REQUIRES MANY CHANGES FOR NEW YORK NONPROFIT ORGANIZATIONS March 28, 2014 THE NONPROFITS REVITALIZATION ACT OF 2013 REQUIRES MANY CHANGES FOR NEW YORK NONPROFIT ORGANIZATIONS OVERVIEW The Nonprofits Revitalization Act of 2013, signed into law by Governor Andrew

More information

AVOID MISTAKES WITH TIMELY DEPOSITS

AVOID MISTAKES WITH TIMELY DEPOSITS EMPLOYEE BENEFITS INSIDER Spring 12 AVOID MISTAKES WITH TIMELY DEPOSITS In any qualified retirement plan, money comes in and money goes out. An area that garners Department of Labor (DOL) attention is

More information

CORPORATE GOVERNANCE GUIDELINES

CORPORATE GOVERNANCE GUIDELINES CORPORATE GOVERNANCE GUIDELINES The following guidelines have been approved by the Board of Directors and, along with the charters of the Board committees, provide the framework for the governance of Darden

More information

2U, INC. CHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS PURPOSE AND POLICY

2U, INC. CHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS PURPOSE AND POLICY 2U, INC. CHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS PURPOSE AND POLICY The purpose of the Compensation Committee (the Committee ) of the Board of Directors (the Board ) of 2U, INC.,

More information

(a) Definitions. As used in this Section, the following terms have the meanings set forth below.

(a) Definitions. As used in this Section, the following terms have the meanings set forth below. EMPLOYEE BENEFIT REPS AND WARRANTIES FOR STOCK PURCHASE WHERE REPRESENT THE BUYER Section 1.1 Employee Benefits. (a) Definitions. As used in this Section, the following terms have the meanings set forth

More information

CHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS 04.07.14

CHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS 04.07.14 CHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS 04.07.14 PURPOSE The purpose of the Compensation Committee (the Committee ) of the Board of Directors (the Board ) of Transgenomic, Inc.,

More information

Governance Principles

Governance Principles Governance Principles copyright 2013 general electric company Governance Principles The following principles have been approved by the board of directors and, along with the charters and key practices

More information

SIMPLIFIED EMPLOYEE PLAN

SIMPLIFIED EMPLOYEE PLAN SIMPLIFIED EMPLOYEE PLAN SIMPLIFIED EMPLOYEE PENSION PLAN AGREEMENT ARTICLE I Adoption and Purpose of Plan 1.01 Adoption of Plan: By completing and signing the Adoption Agreement, the Employer adopts the

More information

PROFESSIONAL COMPENSATION. A Position Paper. Prepared by the AFP Ethics Committee Adopted March, 1992 Revised March 2008

PROFESSIONAL COMPENSATION. A Position Paper. Prepared by the AFP Ethics Committee Adopted March, 1992 Revised March 2008 PROFESSIONAL COMPENSATION A Position Paper Prepared by the AFP Ethics Committee Adopted March, 1992 Revised March 2008 SUMMARY For purposes of this paper: Percentage-based compensation for contributions

More information

G Employee Benefits Alert

G Employee Benefits Alert G Employee Benefits Alert August 2001 The Economic Growth and Tax Relief Reconciliation Act of 2001 The Economic Growth and Tax Relief Reconciliation Act of 2001 (the Act ) ushers in the most significant

More information

CORPORATE GOVERNANCE GUIDELINES

CORPORATE GOVERNANCE GUIDELINES As of February 2012 CORPORATE GOVERNANCE GUIDELINES I. Introduction These corporate governance principles have been adopted by the Board of Directors (the Board ) of L-3 Communications Holdings, Inc. (

More information

HCA HOLDINGS, INC. CORPORATE GOVERNANCE GUIDELINES BOARD OF DIRECTORS

HCA HOLDINGS, INC. CORPORATE GOVERNANCE GUIDELINES BOARD OF DIRECTORS HCA HOLDINGS, INC. CORPORATE GOVERNANCE GUIDELINES As amended and approved on March 9, 2011 The Board of Directors (the Board ) of HCA Holdings, Inc. (the Company or HCA ) has adopted corporate governance

More information

CHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OF SERVICEMASTER GLOBAL HOLDINGS, INC.

CHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OF SERVICEMASTER GLOBAL HOLDINGS, INC. CHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OF SERVICEMASTER GLOBAL HOLDINGS, INC. Adopted by the Board of Directors on July 24, 2007; and as amended June 13, 2014. Pursuant to duly

More information

Short Form Return of Organization Exempt From Income Tax

Short Form Return of Organization Exempt From Income Tax Form 990-EZ PUBLIC DISCLOSURE COPY ** PUBLIC DISCLOSURE COPY ** Short Form Return of Organization Exempt From Income Tax Under section 501, 527, or 4947(1) of the Internal Revenue Code (except private

More information

Compliance with IRS-Encouraged Nonprofit Policies and Other Best Practices Updates

Compliance with IRS-Encouraged Nonprofit Policies and Other Best Practices Updates Compliance with IRS-Encouraged Nonprofit Policies and Other Best Practices Updates Nishka Chandrasoma April 18, 2013 New York City Bar Association 1 st Annual Institute on Not-for-Profit Law pbwt.com Why

More information

Conflicts of Interest Policies Under the Nonprofit Revitalization Act of 2013

Conflicts of Interest Policies Under the Nonprofit Revitalization Act of 2013 Conflicts of Interest Policies Under the Nonprofit Revitalization Act of 2013 ATTORNEY GENERAL ERIC T. SCHNEIDERMAN Charities Bureau www.charitiesnys.com Guidance Document 2015-4, V. 1.0 Issue date: April

More information

Income Tax Issues Affecting Small Nonprofit Organizations

Income Tax Issues Affecting Small Nonprofit Organizations Income Tax Issues Affecting Small Nonprofit Organizations A free resource provided by the Virginia Society of Certified Public Accountants 2 Income Tax Issues Affecting Small Nonprofit Organizations A

More information

Visa Inc. Compensation Committee Charter

Visa Inc. Compensation Committee Charter Visa Inc. Compensation Committee Charter I. PURPOSE The Compensation Committee (the Committee ) of the Board of Directors (the Board ) of Visa Inc. (the Company ) shall perform the duties set forth in

More information