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February 1-15, 2007

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February 1-15, 2007

February 1-15, 2007

State Senator Indicted for Victimizing Charities for Personal Benefit
Charges include Sarbanes-Oxley counts for destroying emails after becoming aware of federal investigation

Founder Who Resigned May Proceed With Suit to Regain Board Chairmanship
Court recognizes claim by donor for naming rights, but declines to accept jurisdiction to hear case

Auditors Not Liable for Statements When Officers Misrepresent Data
Bankruptcy creditors can’t collect because corporation was equally at fault with the accountants

Ready Reference Page No. 98
Indictment Spells Out Claims of Benefit, Obstruction of Justice by State Senator

Grants outside service area, improper political activity, and misinformation to accountants are basis for criminal charges

Issues Notes

  • Nonprofit Issues® to provide monthly access rates; subscribers will get new passwords
  • Discuss the issues and Ask the Editor, March 15

To the Point

I have dissolved a scholarship fund and have requested that the balance be refunded to me. The director told me that it could not be done because it would violate the rules of Section 501(c)(3). Is this correct?

Lessons from Litigation

  • Members may remove directors
  • Bargain sale is not fraudulent conveyance

Tax Matters

  • IRS publishes good governance practices

Employment Law

  • Foundation and hospital not “joint employer”
  • It doesn’t pay to misspell client’s name

Say That Again

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