Just back from a day-long session sponsored by Georgetown Law School co-sponsored by the Independent Sector and, yes, the IRS.
Great session and I plan to parcel out my take-aways in snippets over the next couple of weeks (depending of course on what's in the news).
Anyway, one learning from the IRS -- it cares about nonprofit governance. "It" believes that nonprofit governance is particularly important as the primary vehicle for risk management. But, only a board that is engaged, informed and independent can effectively manage risk.
Another learning: the IRS understands that no 1-size (in terms of how nonprofit boards are structured or work). However, all boards must build good governance habits. I have and will continue to regularly visit this principle -- it makes a difference when we advise a nonprofit board on how to be great.
Finally, for today, just a reminder that ALL nonprofits must make some kind of annual filing. Failure to file in 3 years means automatic revocation of tax exempt status (meaning -- it's gone!).
And, if you would like to be kept apprised about the IRS' exempt related doings and thinking, you can get their nifty newsletter.
Thanks again to Georgetown Law, Independent Sector and, never did I expect to say this, thanks too to the IRS and Sarah Hall Ingram from the Exempt Division.