The Internal Revenue Service released for public comment a revised Form 990 tax return for not-for-profit organizations with two new sections addressing compensation and conflicts of interest. Among other new requirements, the sections mandate disclosure of key employees or officers related by business or family; key employees or officers compensated by organizations with common supervision or control; and deferred compensation or benefits to former officers, directors, trustees or key employees. Public comments are due Nov. 7. Read the draft.
Separately, Standard & Poor's issued a new report on efforts to boost regulatory oversight of not-for-profit governance. In the past two years, 28 states considered 46 bills to boost not-for-profit oversight and enacted 12, S&P said. Many of the new laws and voluntary industry guidelines reflect requirements of the federal Sarbanes-Oxley Act, including independent financial audits, improved governing board composition and conflicts of interest policies. -- by Melanie Evans