New IRS Non-Profit Requirements
In response to changing IRS reporting requirements for non-profit entities, the LERA Executive Board recently passed or updated operating policies that address key governance and operating areas of: conflict of interest, whistleblower, document retention and destruction, determining compensation, and joint venture agreements.
Many of the policy requirements were already being practiced, especially those dealing with employees since LERA employees follow University of Illinois requirements. The Executive Board has been adhering to a Conflict of Interest policy since 2007.
The IRS is requiring 501(c) 3 non-profits to formalize some of these policies, although smaller non-profits like LERA are allow to phase them in over 2009-2011.
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