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Title: Financial
Accountability in Charitable Organizations: Mandating an
Audit Committee Function
Summary: Explores the
responsibilities of charity board members and explains how
forming an audit committee can help ensure sound internal
practices for the charity.
Charitable organizations have long enjoyed special
benefits because the public has bestowed a special trust
on them. This special trust is in danger of eroding due to
abuse by some nonprofit executives and board members.1
One noted example of such abuse is the United Way scandal,
in which the former president of United Way of America,
William Aramony, was convicted of stealing over six
hundred thousand dollars from the organization.2
As a result of the United Way scandal and others like it,3
the nonprofit sector has been under increasing pressure to
find a way to hold charitable organizations and their
boards accountable to the public.4
Resolving the board accountability problem is daunting.
Any proposed solutions must weigh possible negative
consequences to charities in serving their missions, or in
relation to any one of their stakeholders, including
donors, board members, corporations,
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Title: Does Your
Client Qualify for a Charitable Property Tax Exemption?
Summary: Whether you're counsel to a
charity or a board member, you can help the organization
determine whether it qualifies for a charitable property
tax exemption and, if not, how it might make itself
eligible.
Charitable organizations are once again considering
capital campaigns as they recover from losses on endowment
funds and decreased funding in recent years. Charity
boards, which count attorneys among their membership, will
make important decisions about capital investments.
Attorneys can provide a valuable service to charitable
organizations, either as board members or as retained
counsel, by educating charity boards about the importance
of the property tax exemption in their decision-making.
Familiarity with the law's requirements can also prevent
boards from making decisions that could jeopardize an
already-granted exemption.
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