Panel Recommends Changes to Donor-Advised Funds, Supporting Organizations
Author: L. Nicholas Deane.
Source: Volume 23, Number 01, Fall 2005 , pp.67-76(10)
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Abstract:
An independent panel has made strong recommendations regarding the operation and regulation of donor-advised funds. The Panel on the Nonprofit Sector’s report, “Strengthening Transparency Governance Accountability of Charitable Organizations” (herein the “Sector Report”), which was produced by a panel “convened at the encouragement” of Senators Grassley and Baucus of the Finance Committee, makes significant recommendations on a number of regulatory issues, and reflects a recognition on the part of the nonprofit sector that transparency and accountability are essential to the strength of nonprofit organizations. Recommendations are also made regarding abusive tax shelters, non-cash contributions, compensation of boards and executives, travel expenses, audit committees, and conflicts of interest. The recommendations will no doubt be influential in legislative and regulatory considerations regarding tax-exempt organizations.Keywords:
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