Tax Changes for Individuals 2013

The IRS summarizes important tax changes that took effect in 2013. Most of these changes are discussed in more detail throughout publication 17.  Click here....

Investment Funds Maintained by Charitable Organizations

Section 3(c)(10)(A)(ii) of the Investment Company Act of 1940 generally exempts a private investment fund from registering as an investment company if it is maintained by a charitable organization and is organized and operated exclusively for religious, education, benevolent, fraternal, chartable or reformatory purposes (“Permitted Purposes”) for the collective investment and reinvestment of certain assets.  Recently, the SEC provided new guidance to alleviate concerns related to the use of this exemption.... Read more.

Reinstatement of Exempt Status

New IRS released new procedures: Applying for Reinstatement of Tax-Exempt Status … Rev Proc 2014-11

Directors and Officers Insurance for Nonprofits

The following article is a summary of an NPCC workshop on the topic of whether or not an organization should carry Directors and Officers (D&O) insurance and what the NPCC plan offers. NPCC members can obtain a low-cost comprehensive policy through a program administered by Crystal Financial Services and underwritten by National Union Insurance. NPCC's past president, Peter Swords has been involved with the issue of D&O liability insurance, and led this session.... Read more....

Mystics & Prophets: NEW RELEASE: Religious Life at the Crossroads

Mystics & Prophets: NEW RELEASE: Religious Life at the Crossroads: This book explores the movements in religious life today and the currents that are emerging among the smaller cohorts of younger religious...

Vow of Poverty in Civil and Canon Law

The vow of poverty has many dimensions: spirituality, simplicity, solidarity, work, sustainability, interdependence. The vow of poverty binds members to one another in a common economic unit. Our actions affect one another, for better or for worse. The vow also has raises legal issues under both Civil and Canon Law. Canon 600 gives a theological [...]

Interactive Form 1023 Available for Review

In an effort to make applying for tax exemption easier, the IRS Exempt Organizations (EO) office is in the development stage of an alternate version of Form 1023, Application for Recognition of Exemption. The new application is available for preview until September 20, 2013.

The Interactive Form 1023 (i1023) features pop-up information boxes for most lines of the form. These boxes contain explanations and links to related information on IRS.gov andStayExempt.irs.gov, EO’s educational website. When final testing is completed later this year, you’ll print and mail the form and its attachments just like the standard Form 1023.

Although viewers are unable to print or submit this “review” version of i1023, EO encourages the public to click through its new features and promote the i1023 to colleagues and business associates. After reviewing the i1023, please send your comments to tege.eo.ceo@irs.gov.

Anticipated i1023 benefits:

• Applicants will be able to submit a more complete form
• IRS processing time is reduced
• Applicants receive a tax-exempt determination more quickly

The i1023 was developed from recommendations by the IRS’ Advisory Committee on Tax-Exempt and Government Entities (ACT).

Entity Selection for Nonprofits

Once the decision is made to start a nonprofit organization, the initial consideration is the type of charitable entity to be formed. The following are the four types of entities that can generally qualify for tax-exempt status:

Read more: http://charitylawyerblog.com/2013/07/25/entity-selection-for-nonprofits/#ixzz2audPzrUd

Nonprofit Seminar - Sept 7

Establishing and Running a Non-Profit: Part I

This popular seminar provides an overview of the legal basics for establishing and running a non-profit organization. Presented by Amy Hereford, an attorney and entrepreneur who speaks from her experience in working with non-profit start-ups. It includes practical tips, useful resources including the Non-profit, Tax-exempt Corporation Workbook (2012), an e-book (PDF) that presents the process of establishing a non- profit in a step-by-step format with ample space for notes, charts for gathering necessary information and tables for developing time-lines and assigning responsibilities. An excellent tool for assisting in non-profit formation, orienting new board members and non-profit directors.

NPAD:703 | $25

680 # 10am-12pm Saturday Sept 7, 2013

Meramec-Bus. Admin., Rm TBA (Meramec - 802 Couch Ave. Meramec Campus )

Establishing and Running a Non-Profit: Part II

This seminar builds on the previous session and provides more information. It will explore the legal requirements of operating a non- profit business organization, board responsibilities, business law for non- profits and legal compliance. It will also explore newer business models for non-profits, including fiscal sponsorship, nonprofit alliances, non- profit/for profit joint ventures and other collaborative structures.

NPAD:703 | $25

681 # 1pm-3pm Saturday Sept 7, 2013

Meramec-Bus. Admin., Rm TBA (Meramec - 802 Couch Ave. Meramec Campus )

Additional Information

Call: (314) 984-7777

Visit: www.stlcc.edu/Continuing_Education
See: Brochure

A faith-based nonprofit class is being presented in North St. Louis on Sept 14, 2013. Email for information: amyhereford@gmail.com.

Fall Covenant Project Workshops

This project assists religious institutes facing an uncertain and changing future. In this difficult but grace-filled time, a community can live today's challenges with the same courage, fidelity and creativity that have marked its entire history. We assist communities in developing a timeline, in identifying the covenant(s) and/or partnership(s) that will be helpful along the way and in putting the necessary documents.

• OnGround: St. Louis, MO Sept 21, 2013

• Webcast: Tuesdays in September 2013

For more information see: www.ahereford.org/covenant