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Not-for-Profit Advisor - Spring 2014


SPRING 2014

Tax Reform for Exempt Organizations–Is a Wave of Change Forthcoming?

On February 26, 2014, House Ways and Means Committee Chairman Dave Camp (R-MI) released a discussion draft of legislation for comprehensive tax reform. The draft includes many provisions that, if enacted, could have a major effect on tax-exempt organizations and charitable giving. Several of the proposed provisions are described below. Unless otherwise noted, the provisions would be effective for tax years beginning after December 31, 2014.

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Gift Acceptance: Implementing a GAP to Prevent a Gap

A well written gift acceptance policy (GAP) offers structure and consistency regarding the types of gifts a not-for-profit organization can accept, and provides guidance on what to do when a gift is received. A GAP provides guidance in terms of which gifts may be rewarding and those that may be unfavorable or create risk to the organization.

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Successfully Navigating the New Business Landscape for Symphony and Opera Companies

As orchestra and opera companies cope with steady declines in patrons, ticket and subscription sales as well as the number and sizes of donations and grants, managing these challenges will require a heightened reliance on an effective conservancy business model. The model, which structures donors and artistic organizations as partners in sustaining the profitability and growth of the organization, has historically served orchestra and opera companies well. However, effectively addressing the challenges arising from the changing economic landscape will necessitate a retooling of the standard conservancy business model.

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In Case You Missed It: CohnReznick’s 2014 Not-for-Profit Governance Survey Results

In a short, 27-question survey, we focused specifically on not-for-profit governance issues. The collected data was then used to compile a full report for our clients and contacts to use in order to better gauge their current governance practices against those of other participants.

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Circular 230 Notice: In compliance with U.S. Treasury Regulations, the information included herein (or in any attachment) is not intended or written to be used, and it cannot be used, by any taxpayer for the purpose of i) avoiding penalties the IRS and others may impose on the taxpayer or ii) promoting, marketing, or recommending to another party any tax related matters.

This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

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