Advisory Committee on Tax Exempt and Government Entities (ACT ...

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The Appropriate Role Of The Internal Revenue Service With Respect To Tax-Exempt Organization Good Governance Issues• The number of voting member and number of independent members onthe governing body of the organization (Core Form Part I and VI).• Whether the organization engages in or discovers an excess benefittransaction during the reporting year (Core Form Part IV and Schedule L).• Whether any officer, director, trustee, or key employee has a family orbusiness relationship with each other (Core Form Part VI).• Whether the organization delegated management duties customarilyperformed by officers, directors or trustees, or key employees to amanagement company or other person (Core Form Part VI).• Whether the organization became aware during the year of a materialdiversion of the organization’s assets (Core Form Part VI).• Whether the organization has members or stockholders (Core Form PartVI).• Whether the organization has members, stockholders, or other personswho may elect one or more members of the governing body; and whetherany decisions of the governing body are subject to approval by members,stockholders, or other persons (Core Form Part VI).• Whether the organization contemporaneously documented the meetingsheld or written actions undertaken during the year by the governing body,and by each committee with authority to act on behalf of the governingbody (Core Form Part VI).• If the organization has local branches, chapters, or affiliates, whether ithas written policies and procedures governing the activities of suchbranches, chapters, or affiliates, to ensure their operations are consistentwith those of the organization (Core Form Part VI).• Whether a copy of the Form 990 was provided to the organization’sgoverning body before it was filed; and a description of the process forreviewing the Form (Core Form Part VI).• Whether the organization has a written conflict of interest policy; and, if so,whether officers, directors, and key employees are required to discloseannually interests that could give rise to conflicts, and whether theorganization regularly and consistently monitors and enforces compliancewith the policy (Core Form Part VI).• Whether the organization has a written whistleblower policy (Core FormPart VI).ADVISORY COMMITTEE ON TAX EXEMPT AND GOVERNMENT ENTITIES (ACT) June 11, 2008 36
The Appropriate Role Of The Internal Revenue Service With Respect To Tax-Exempt Organization Good Governance Issues• Whether the organization has a written document retention anddestruction policy (Core Form Part VI).• Whether the process for determining compensation of the CEO, executivedirector, or top management official or other officers or key employeesincludes a review and approval by independent persons, comparabilitydata, and contemporaneous substantiation of the deliberation anddecisions made (Core Form Part VI).• Whether the organization invested in, contributed assets to, or participatedin a joint venture or similar arrangement with a taxable entity during theyear; and, if yes, whether the organization adopted a written policy orprocedure requiring the organization to evaluate its participation in jointventure arrangements under applicable Federal tax law, and taken stepsto safeguard the organization’s exempt status with respect to sucharrangements (Core Form Part VI).• Whether and how certain documents, including the organization’s Form1023, Forms 990, and 990-T, financial statements, governing documents,and conflict of interest policies, are made available to the general public(Core Form Part VI).• Whether the organization’s financial statements were compiled, reviewedor audited by an independent accountant; and, if so, whether theorganization has a committee that assumes responsibility for the oversightof the audit, review, or compilation of its financial statements and selectionof an independent accountant (Core Form Part X).• Whether in establishing the compensation of the organization’sCEO/executive director the organization utilized a compensationcommittee, independent compensation consultant, Form 990 of otherorganizations, written employment contract, compensation survey, orstudy, approval by the board, and/or a compensation committee(Schedule J).• Whether the organization has a gift acceptance policy that requires thereview of any non-standard contributions (Schedule M).In formulating questions for the Form 990, we believe it is important that they beexpected to elicit a meaningful response related to tax compliance, that they beaddressed in as neutral a manner as possible, and that the IRS expressly knowledgeboth the relationship of the inquiry to tax compliance and when the governancepractices at issue are not required. While the caption for Part VI expressly includes thefollowing statement: “Sections A, B, and C request information about policies notrequired by the Internal Revenue Code,” there are governance questions on otherADVISORY COMMITTEE ON TAX EXEMPT AND GOVERNMENT ENTITIES (ACT) June 11, 2008 37
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MEMBER BIOGRAPHIESGOVERNMENT ENTITI
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The Streamlined Closing Agreement F
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ADVISORY COMMITTEE ONTAX EXEMPT AND
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Tax Treatment Of Cellular Telephone
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IRC, 2007-CODE-VOL, SEC. 280F. LIMI
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PENIRC S 274 Page 1 of 12IIRC, 2007
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15. Special Rules for Various Types
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Withholding RequirementsACCOUNTING
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