Panel Recommends Changes to Donor-Advised Funds, Supporting Organizations

摘要

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: 1. abusive tax shelters 2. non-cash contributions 3. compensation of boards and executives 4. travel expenses 5. audit committees 6. conflicts of interest. The recommendations will no doubt be influential in legislative and regulatory considerations regarding tax-exempt organizations.