The Internal Revenue Service reminds tax-exempt organizations that operate on a calendar-year (CY) basis that certain annual information and tax returns they file with the IRS are due on May 17, 2021. These returns are: Form 990-series annual information returns (Forms 990, 990-EZ, 990-PF, 990-BL) Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to...
Many organizations are in the process of determining whether or not they are eligible to receive a second draw Paycheck Protection Program (“PPP”) loan. Although many of the eligibility requirements for second draw PPP loans are the same as for first draw PPP loans, second draw PPP loans have additional eligibility requirements. In particular, an...
By Elizabeth O. Manchester 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...
We’ve all seen the ads: “a portion of our sales are donated to charity”, “for every dollar you spend here, we will donate to a local food pantry”, “for every bag of dog food purchased we will donate to an animal shelter”. This type of advertising is referred to as a “commercial co-venture”, although it...
The COVID-19 pandemic has impacted almost every business and nonprofit organization. Many experts have written about how nonprofits can handle fundraising during the crisis, suggesting increasing donor engagement, staying the course with capital campaigns, and increasing appeals focusing on the urgent need for current support. While some of these strategies may be very effective in...
Partridge Snow & Hahn counsel, Elizabeth O. Manchester, has been elected to serve as President of the Board of Directors for the Partnership for Philanthropic Planning of Rhode Island (PPPRI). In her 5th year as a member and with her extensive experience focusing on best practices in compliance, charitable gift planning and the implementation of planned...
Nonprofit organizations with traditional reliance on event fundraising are now in a position to solicit donors in an alternate manner because of the COVID-19 pandemic. It is an opportune time to launch formal annual and planned giving programs, to the extent they are not in place at your institution. There are particular methods of giving...
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...
