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ARTICLE · 04 MARCH 2008

IRS Releases Expanded Governance Guidelines For Exempt Organizations

McDermott Will & Emery
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It may be useful for boards and their counsel to compare the guidelines against their existing governance policies and procedures.

United StatesTax
Bernadette Broccolo
Bernadette Broccolo
Robert Louthian III
Robert Louthian III
Christopher Jedrey
Christopher Jedrey
Douglas Mancino
Douglas Mancino
Elizabeth Mills
Elizabeth Mills
Michael Peregrine
Michael Peregrine
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It may be useful for boards and their counsel to compare the guidelines against their existing governance policies and procedures.

The Internal Revenue Service (IRS) recently released an expanded set of governance guidelines for tax-exempt organizations. In February 2007, the IRS released a draft "Good Governance Practices for 501(c)(3) Organizations," its first comprehensive statement on the interaction between governance and tax exemption. For a description of the draft, see McDermott Hot Topic "IRS Releases Suggested Governance Guidelines for Tax-Exempt Organizations," available here. The IRS has now released an expanded and updated version of these guidelines. They can be found here.

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