Jossey-Bass::Joint Ventures Involving Tax-Exempt Organizations, 2008 Supplement, 3rd Edition

Description

This Supplement examines developments affecting tax-exempt organizations and their joint ventures activities since the date the Third Edition was printed. These developments illustrate the increasing prevalence of joint ventures, as well as the particular scrutiny that continues to apply to these arrangements.

Notably, this Supplement presents the complete redesign of the Internal Revenue Service (IRS) Form 990, Return of Organization Exempt From Income Tax, which most organizations will begin using for the 2008 tax year (i.e., for returns filed in 2009). The redesigned Form 990, which is discussed in detail in Chapter 2 (Taxation of Charitable Organizations), consists of an 11-page "core" form that will be completed by each filing organization and 16 additional schedules that require filing only by organizations such as schools and hospitals that conduct particular activities.
Chapter 2 of this Supplement also contains an overview of the IRS’s draft proposal entitled, "Good Governance Practices for 501(c)(3) Organizations." This informal "preliminary staff discussion draft" contains several concepts advanced by those inside and outside the charitable sector with respect to nonprofit governance and operations.
Chapter 4 (Overview: Joint Ventures Involving Exempt Organizations) contains an explanation of the changes to the statutory scheme applicable to §509(a)(3) supporting organizations enacted by the Pension Protection Act of 2006.
Chapter 12 (Healthcare Entities in Joint Ventures) includes a discussion of the proposals for reforming tax-exempt hospitals contained in "Tax-Exempt Hospitals: Discussion Draft" (Discussion Draft), which was released in the fall of 2007 by Senator Charles Grassley and the Minority Staff of the Senate Finance Committee.
Chapter 13 (Low-Income Housing, New Markets, Rehabilitation, and Other Tax Credit Programs) presents information regarding the fifth round (2007) allocation of the New Market Tax Credit (NMTC) Program by the Community Development Financial Institutions Fund (CDFI Fund), in which 61 community development entities (CDEs) selected by the CDFI Fund were awarded NMTCs on a combined total of $3.909 billion in equity investments directed to helping low-income communities, including $400 million that was authorized by the Gulf Opportunity Act of 2005 for specific use in the recovery and redevelopment of the Gulf Opportunity (GO) Zone.
Chapter 20 (Debt Restructuring and Asset Protection Issues) of this Supplement, in combination with the Third Edition, presents the practical issues and general considerations that tax-exempt organizations involved in partnerships and joint ventures may face in the bankruptcy context, whether in the position of either a debtor or a creditor.