Like any for-profit company, nonprofit organizations want to attract and retain high caliber executives to achieve and further their missions. To accomplish this, a nonprofit organization may have to offer a particularly robust compensation arrangement to the executive, especially because…

According to a National Disability Institute report (available here), adults living with disabilities need 28% more income on average to achieve the same standard of living as those without disabilities. There are some tools designed to address this disparity,…

Proskauer’s 29th Annual Trick or Treat Seminar was held virtually on Thursday, October 31 and discussed timely topics and best practices specifically tailored to the not-for-profit community.

The seminar discussed:

• The Evolving Workplace: Recent Developments in DEI
• The Current Landscape

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On November 21, 2022, Governor Kathy Hochul signed into law new legislation, which amends certain provisions of the New York Not-For-Profit Corporation Law (the “N-PCL”).  The legislation, described in detail below, “modernizes provisions of law relating to members, directors…

Introduction

Tax-exempt organizations, while not generally subject to tax, are subject to tax on their “unrelated business taxable income” (“UBTI”).  One category of UBTI is debt-financed income; that is, a tax-exempt organization that borrows money directly or through a partnership…

On October 21, 2021, the Internal Revenue Service (the “IRS”) released Notice 2021-56 (the “Notice”), which sets forth the additional requirements a limited liability company (“LLC”) must satisfy to obtain a determination letter recognizing its tax-exempt status under sections 501(a)…

Proskauer’s 26th Annual Trick or Treat Seminar was held virtually on Friday, October 29th and discussed timely topics and best practices specifically tailored to the not-for-profit community.

The seminar discussed:

• Workplace challenges: Mandatory vaccinations, HERO act and other considerations
• Tax

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