Publications
Nonprofits Would Gain Lifeline With Pro Bono Help From Tax Pros
Bloomberg Law
November 27, 2023
Schulte Roth & Zabel partner Andi Mandell authored a compelling piece for Bloomberg Law titled, “Nonprofits Would Gain Lifeline With Pro Bono Help From Tax Pros.”
Andi, who serves on the board of directors of the Gary Sinise Foundation and Friends of Firefighters, illustrated that the nonprofit sector is a critical part of the US civic infrastructure, and nonprofit organizations play a vital role in delivering services, strengthening communities and facilitating civic engagement. She noted, however, that nonprofits have taken serious financial hits in recent years due to macroeconomic turbulence.
Andi highlighted how tax attorneys are uniquely positioned to support nonprofits as they hold a tactile skill set that is invaluable to nonprofits who rely on tax structures to support their mission and encourage donorship as well as help nonprofits apply for tax-exempt status and navigate the complicated rules to ensure continued qualification.
She wrote, “The guidance a tax professional can provide through pro bono consulting and board volunteering will help nonprofits achieve fiscal stability and enable them to serve populations that are most in need.”
Read the article here.
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Alerts
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Alerts
On June 28, 2024, the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a notice of proposed rulemaking that would amend existing anti-money laundering/countering the financing of terrorism (“AML/CFT”) program[1] regulations to require that financial institutions establish, implement and maintain effective, risk-based and reasonably designed AML/CFT programs with certain minimum components, including a mandatory risk assessment process (hereinafter, “Proposed Rule”).[2] For purposes of the Proposed Rule, “financial institutions” include: banks; broker dealers; mutual funds; futures commission merchants (“FCMs”) and introducing brokers in commodities (“IB-Cs”); insurance companies; money services businesses (“MSBs”); casinos and card clubs; dealers in precious metals, precious stones or jewels; operators of credit card systems; loan or finance companies; and housing government sponsored enterprises.[3] In addition to establishing minimum risk assessment requirements for these AML/CFT programs, the Proposed Rule would require that financial institutions document each component of their AML/CFT programs and make this documentation available to FinCEN or its designee, which can include the appropriate agency to which FinCEN has delegated examination authority,[4] or the appropriate SRO.[5] The Proposed Rule would also require that these AML/CFT programs be approved and overseen by the financial institution’s board of directors or, if the financial institution does not have a board of directors, an equivalent governing body.