The Massachusetts data security breach law and proposed regulations have triggered extensive discussions and debate over the past year. The issues and concerns raised resulted in extension of the compliance dates for the law. However, although significant modifications have recently been made under the leadership of the new Undersecretary for Consumer Affairs, Barbara Anthony, substantial compliance… Continue Reading
Monthly Archives: November 2009
User Fee Increase for Exemption Applications
Posted in Formation, IRS FilingsThe IRS has reported that user fees will increase for all applications for exemption (Forms 1023, 1024, and 1028) postmarked after January 3, 2010: $400 for organizations whose gross receipts are $10,000 or less annually over a 4-year period (Currently $300) $850 for organizations whose gross receipts exceed $10,000 annually over a 4-year period (Currently $750) $3,000… Continue Reading
NY Endowment Funds: Fiduciary Obligations & The Prudence Standard
Posted in EndowmentsWith the plethora of news articles about charitable endowment losses as a result of investments with Bernie Madoff, it is incumbent on fiduciaries to review some fundamental laws on endowment. These laws differ in each state. This article will briefly review the rules applicable to endowments in New York. An endowment fund is created when… Continue Reading
The Possibilities of the L3C
Posted in FormationPeople have been whispering among themselves about the L3C, an emerging low-profit limited liability company structure that aspires to link business methods with charitable purposes and give socially oriented businesses greater access to investor capital. The structure was created by Robert M. Lang, Jr., CEO of the Mary Elizabeth & Gordon B. Mannweiler Foundation. Conceptually, the L3C is a hybrid not-for-profit/for-profit entity: like a… Continue Reading