Exempt Org. Resource

http://www.ExemptOrgResource.com

ExemptOrgResource.com is an online resource for information and insight on the unique legal issues impacting nonprofit organizations. The site is designed to keep the nonprofit, tax-exempt organization community up-to-date on legal developments, changing regulations and good practices.

Recent Blog Posts

  • COVID-19 Employment Law Updates Our colleagues in Patterson Belknap’s Employment Law and Employee Benefits & Executive Compensation practices have published a number of recent alerts on employment law and employee benefits considerations stemming from the Coronavirus pandemic. These updates are linked below for your convenience. COVID-19 Update: Additional Relief from the DOL for Employers During the Pandemic Outbreak Period (May 6, 2020) COVID-19 Update: IRS and DOL Extend COBRA and Other Benefit Plan Deadlines During the Pandemic Outbreak Period (May 5, 2020) EEOC Issues Guidance... More
  • COVID-19 Privacy and Data Security Updates Our colleagues in Patterson Belknap’s Privacy and Data Security Law practice have published a number of recent alerts on privacy and cybersecurity law considerations stemming from the Coronavirus pandemic.  These updates are linked below for your convenience. New York SHIELD Act in Full Effect During COVID-19 Crisis (April 24, 2020) Governmental Organizations Across the Globe Warn of Enhanced Cyber Threat Environment Related to COVID-19 (April 8, 2020) COVID-19 Cybersecurity Threats Spiral as Businesses Implement Prophylactic Security Measures (April 1, 2020) HIPAA Regulator... More
  • COVID-19: Issues Impacting Commercial Leases The COVID-19 pandemic has impacted all aspects of life, restricting mobility and forcing federal, state and local governments to implement increasingly aggressive measures to curtail the spread of the virus. We have set forth below just some of the pertinent issues to consider. Although we have focused on New York law, these issues apply to leases generally. All companies’ needs are different and we are committed to helping you address the legal and operational challenges affecting your business. To continue... More
  • Nonprofits Take on the COVID-19 Crisis: Art Museum Standards Temporarily Relaxed to Help Museums Meet New Economic Challenges Long-standing standards applicable to art museums, particularly with regard to the use of deaccessioning proceeds, have been temporarily relaxed in order to help art museums meet the financial challenges presented by the COVID-19 crisis.  The Association of Art Museum Directors (AAMD) announced on April 15, 2020 that an art museum and its director will not be censured, sanctioned, suspended or expelled by AAMD for the museum’s good faith use of deaccessioning proceeds to pay for “direct care” of the... More
  • Nonprofits Take on the COVID-19 Crisis: Federal and New York Filing Extensions for Nonprofits In an effort to provide additional relief in response to the COVID-19 emergency, the Internal Revenue Service and the New York Attorney General’s Charities Bureau have announced filing extensions for exempt organizations.  Notice 2020-23, issued by the Treasury Department and the Internal Revenue Service on April 9, 2020, provides an automatic extension until July 15, 2020 for exempt organizations that are required to file Forms 990, 990-PF, 990-EZ, 990-N, and 990-T on or after April 1 and before July... More
  • The Federal Reserve’s COVID-19 Economic Relief Programs The Federal Reserve recently created, proposed and expanded several programs to relieve the economic impact of COVID-19 by providing liquidity to support credit markets.  In general, the programs extend credit through special purpose vehicles capitalized with equity from the Department of the Treasury and debt from the Federal Reserve.  Some programs provide credit to financial institutions to increase their lending capability, while others provide credit directly to businesses and municipalities.  With the exception of the Commercial Paper Funding Facility, these... More
  • CARES Act: Paycheck Protection Program (PPP) FAQs On April 6, 2020, the Small Business Administration (the “SBA”) in consultation with the Department of the Treasury released additional guidance reflecting the implementation of the Paycheck Protection Program (“PPP”) of the CARES Act in a Frequently Asked Questions (FAQs) format (the “FAQ”), and plans to update the guidance regularly. You can find the FAQ here. The FAQ makes clear that borrowers and lenders may rely on the guidance available at the time of their applications’ submission or approval so are not... More
  • CARES Act Benefits Explained: Key Provisions for Businesses and Nonprofit Organizations The newly enacted Coronavirus Aid, Relief, and Economic Security Act (commonly known as the “CARES Act”) offers a wide range of benefits and incentives to help businesses weather the economic downturn caused by COVID-19. This alert covers five of the key programs offered to businesses and nonprofit organizations: the Paycheck Protection Program, the U.S. Treasury’s Direct Lending Program, Economic Injury Disaster Loans, tax relief, and enhanced deductibility benefits for charitable giving. Late on April 2, 2020, the Small Business Administration... More
  • Nonprofits Take on the COVID-19 Crisis: Enhanced Deductibility Benefit for Large Cash Gifts to Charity and for Non-Itemizers The newly enacted Coronavirus Aid, Relief, and Economic Security Act (commonly known as the “CARES Act”) includes provisions designed to encourage charitable contributions of cash, by allowing individual donors to charities to deduct up to 100% of their 2020 adjusted gross income (“AGI”), over and above the usual cap of 60% (or 50% if charitable contributions are made through a combination of cash and other assets).  For corporate donors, the deduction cap is raised to 25%, over and above the... More
  • Nonprofits Take on the COVID-19 Crisis: Starting a New Charitable Organization As we have previously reported, charitable organizations and employers are able to play an important role in providing disaster relief in response to the COVID-19 crisis.  During this crisis, individuals may be seeking new ways to help, including by starting new charitable organizations.  We describe below some alternatives to consider before forming a new charity, as well as a high-level summary of the necessary steps to form a new charitable organization.  How to Help Without Forming a New Charity:... More