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Business and Policy Areas
Business and Policy Areas
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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.


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