On March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CARES Act benefits nonprofit organizations. The below summary contains highlights of several applicable provisions. Paycheck Protection Program: The Act provides $349 billion for paycheck protection loans, a new category of Section 7(a) SBA loans. Under the...
501(c)(3) Nonprofit Organizations Update: CARES Act and Importance of Developing Comprehensive Charitable Giving Opportunities During COVID-19 Pandemic On March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CARES Act included provisions enhancing the opportunities for individuals and corporations to make charitable contributions. Under Section 2204 of...
The coronavirus, also known as COVID-19, will impact how nonprofit organizations deliver mission-based services for the foreseeable future. Below are some action steps nonprofit executives, leaders and board members can take to minimize risk and mitigate the impact of the pandemic. Review obligations in any grant award contracts, whether you are a funder or a...
PSH Counsel Elizabeth O. Manchester spoke as part of the recent OceanPoint Insurance executive workshop series, on the topic of key policies for nonprofits in the era of the #MeToo movement. The workshop features specialists who share business and legal expertise with non-profit executives including CEOs, executive directors, CFOs, Human Resource directors, COOs, and board...
You are ready to join a nonprofit board so you can help support the good work that it does. Do you know the risks associated with serving in this important role? In both Massachusetts and Rhode Island, directors of nonprofit corporations must discharge duties in good faith and in a manner he or she believes...
PS&H attorney Elizabeth Manchester was interviewed by Providence Business News for an article that explores what nonprofits need to consider when accepting deferred gifts, and why it is important for institutions to market planned gifts. Elizabeth pointed out that although estate gifts are made with the best intentions, gifts can create unintended complications for the institution. In her...
It has come to our attention that numerous Rhode Island corporate clients have received by mail, solicitation letters from a company indicating that it could assist in the corporation’s compliance with Rhode Island General Law 7-1.2-1502 by preparing an “Annual Meeting Disclosure Statement” for a fee of $125. We should additionally note that clients have...
The law firm of Freeh Sporkin & Sullivan LLP, in its capacity as Special Investigative Counsel for the Board of Trustees of The Pennsylvania State University, recently issued its report (the “Freeh Report”) on Penn State’s handling of allegations of child sexual abuse by former football coach, Gerald Sandusky. The report documents how even the...
