IRS Examining Compliance with Qualified 501(c)(3) Bond Rules
September 4, 2007
The Tax Exempt Bonds division and the Exempt Organizations Compliance Area at IRS have announced a joint effort to take a look at the policies and procedures used by exempt organizations to comply with bonds rules. The Service will send questionnaires to more than 200 exempt organizations that indicated outstanding tax-exempt debt on their 2005 Form 990.
The project will measure:
- Record retention requirements
- Qualified use of bond-financed property requirements
- Arbitrage yield restriction and rebate requirements
- Debt management policies and procedures
- Awareness of voluntary compliance and educational resources
The compliance questionnaire has been published by the IRS. Following collection and analysis of the data, the Service will issue a report detailing its findings and any recommendations for follow-up initiatives.
Resource: The National Association of Bonds Lawyers and the Government Finance Officers Association have developed a checklist for bond counsel and issuers, addressing post-issuance compliance.
- Lawmakers Move Toward Affordable Care Act Repeal
- ED Issues Numerous Announcements Prior to Presidential Transition
- New Report Highlights the Benefits and Value of Higher Education
- 2017 Endowment and Debt Management Forum
February 1-3, 2017
- WEBCAST: NACUBO Live! Results of the 2016 NACUBO-Commonfund Study of Endowments
Thursday, February 2, 2017 9:15AM ET
- WEBCAST: Compliance Challenges for the New EPA Hazardous Waste Rule
Tuesday, February 7, 2017 1:00PM ET
- WEBCAST: Legislative Lunchcast: A 30-Minute Washington Update from NACUBO
Thursday, February 9, 2017 12:00PM ET
- ON-DEMAND: The ROI of Student Success: Practical Considerations for Measuring and Conveying the Financial Value of Student Support Services
- ON-DEMAND: The CBO's Role in Diversity and Inclusion on Campus