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NACUBO and ACE Share Community Comments With Nonprofit Panel

May 20, 2005

NACUBO and the American Council on Education (ACE) submitted comments to The Nonprofit Panel, weighing in on the panel's recommendations for exempt organization reform, which will be submitted to the Senate Finance Committee next month. The Nonprofit Panel, convened by Independent Sector, is a large and diverse group of nonprofits that formed to respond to the committee's proposals for addressing abuses and enhancing accountability of exempt organizations. Six higher education associations joined NACUBO and ACE in making the statement, which addressed the following issues:

• executive compensation;
• travel expenses;
• donor-advised funds;
• Type III supporting organizations;
• noncash contributions; and
• revisions to Forms 990 and 990-PF.

The Nonprofit Panel is expected to submit final comments to the Senate Finance Committee in June. The committee  tentatively plans to hold a June 8 hearing on perceived charity abuses involving conservation easements and land issues. Committee staff are expected to testify at the hearing on the results of their investigation and present staff recommendations on broad-based charity reforms that go beyond conservation easements and land issues.

The NACUBO contact for tax issues is Mary Bachinger.