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USTA - Keeping Your CTA Legally Compliant and Out of Trouble


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USTA - Keeping Your CTA Legally Compliant and Out of Trouble

  1. 1. Keeping Your CTA Legally Compliant and Out of Trouble Eric C. Perkins, Esq. Perkins Law, PLLC
  2. 2. Maintain Corporate Status State filings and fees Keep public info up-to-date Corporate minute book
  3. 3. Insurance Take Advantage of USTA Coverage (unless you can find better terms elsewhere) Don’t Forget D & O Coverage
  4. 4. IRS Filings Form 990N – Less than $50,000 annual income Form 990EZ – Less than (i) $200,000 annual income and (ii) $500,000 in assets Form 990 -- $200,000 or more in annual income or $500,000 or more in assets Automatic revocation – Three missed filings in a row
  5. 5. State Charitable Solicitation Compliance State Registration Requirements For multistate/unified registration filing forms and requirements (DC, MD, VA, and WV accept): Professional Fundraising Counsel (including grant writers): Registration requirements, employment vs. independent contractor status, compensation issues. Miscellaneous: Disclosure statement requirements, charitable gaming regulation.
  6. 6. Conflict of Interest Issues Have a Written Conflict of Interest Policy Follow It Consistently Why important? • To minimize risk of IRS intermediate sanctions on “disqualified persons” for “prohibited transactions” • To promote transparency and good governance • To reduce risk of public embarrassment (and donor confidence)
  7. 7. Public Disclosure Rules Form 1023 IRS Determination Letter Form 990s
  8. 8. Policies and Procedures Conflict of Interest Document Retention Code of Conduct Whistleblower Expense Reimbursement Social Media
  9. 9. Policies and Procedures Volunteer Screening and Reference Checks Participant Waiver and Release Forms