Jeff Helsdon reviewed new IRS 990 requirements re: governance standards for 501c3 entities.
The new IRS requirements will take effect for the 2008 tax year and represent an additional 25 hours of preparation time.
501c3 entities will be required, for example, to establish a conflict of interest policy, a policy to enforce compliance and a whistleblower policy.
Acknowledgement that these policies are in place must be on the tax return and must be produced if audited. Additionally, the Board as a whole is expected to review the 990 form.
Robin talked briefly about what constitutes a conflict of interest.