New York Not-for-Profit Corporations: A Primer on Formation and Governance

Navigating the federal and state landscapes regulating and restricting charitable entities is a complex endeavor. This program will focus on federal and state regulations pertaining to not-for-profit corporations and governance issues relating to those entities. We will cover the following topics:

I. FORMATION

A. Selecting the Type of Charitable Organization:  

• Private Foundations (Non-Operating), Private Operating Foundations and Public Charities

• Comparison of 501(c)(4) and 501(c)(6) organizations 

• When is a 501(c)(4) preferable

• Other tax exemption applications you may need to make (property tax exemptions and PILOTS)

• Revocation of tax-exempt status: how is it triggered and how can it be fixed

B. Achieving and Maintaining Federal Tax Exempt Status: Applying for Federal Tax Exemption – the Form 1023; federal reporting requirements – the Form 990

C. New York Registration and Reporting Requirements. Form CHAR410, Form CHAR410-A, Form CHAR410-R

II. GOVERNANCE

A. Use of Endowment Funds

B. Selection of Auditors

C. Investment Policies

D. Whistleblower Provisions

E. Compensation of Officers

F. Excess Benefit Transactions