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ARTICLE · 16 DECEMBER 2009

IRS Releases Governance Check Sheet

Blank Rome LLP
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The IRS recently released a Governance Check Sheet which will be used by IRS revenue agents during an audit of public charities described in Section 501(c)(3) of the Internal Revenue Code.

United StatesTax
Susan Cobb
Susan Cobb

Tax-Exempt Advisory

The IRS recently released a Governance Check Sheet which will be used by IRS revenue agents during an audit of public charities described in Section 501(c)(3) of the Internal Revenue Code. A copy of the Check Sheet and a Guide for Completing the Check Sheet can be found on the IRS Web site at: http://www.irs.gov/pub/irs-tege/governance_check_sheet.pdf and http://www.irs.gov/pub/irs-tege/governance_guide_sheet.pdf.

The Check Sheet indicates that the IRS will be examining six areas related to governance:

  1. Governing Body and Management – written mission statement of the organization reflecting a 501(c)(3) purpose and current activities; governing board composition, duties and qualifications; and frequency of meetings of the board.

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