February 16, 2013 to March 15, 2013
Lead Stories
Members Can’t Remove Directors of Board-Only Nonprofit
Court holds improperly ousted directors in contempt for failing to turn over documents pursuant to Order
Letter of Intent With “Out” Clause Allows Hospital Purchaser a Way Out
Although parties announced agreed-upon terms of sale, termination clause in LOI prevails to stop deal
Official May Warn Public Of High Fundraising Costs
Charity named as bad example has no claim for violation of Equal Protection Clause
Ready Reference
IRS Finds Unrelated Business Income, Unreported Compensation in College Study
90% of schools examined underreported taxable income, all of smaller exam group underreported compensation of executives
To the Point
Moratorium on board meetings due to pending bylaw revisions?
Our nonprofit corporation has not held regular board meetings in accordance with its bylaws. In addition, there was no annual general meeting last year (nor has one been posted this year) to elect officers for positions with expiring terms. The president says that we are under a moratorium because the bylaws are under revision. Aren't the existing bylaws in place until amended in the manner prescribed in the governing document(s)?
Lessons from Litigation
Tax Matters