Carmody has extensive experience advising tax-exempt organizations, including public charities, community private foundations and private clubs from formation, applications for recognition of tax-exempt status, and operational and governance issues.
After formation, we continue to serve as legal advisors to organizations and help them meet their objectives, counsel them on compliance matters, and preservation of the organization’s tax-exempt status. We advise on business transactions and relationships, as well as for ongoing advice regarding governance and operational issues.
We are involved in developing bylaws and corporate governance policies and advising Boards with respect to their fiduciary duties, and the organization’s adopted compliance and improvement policies.
We counsel clients through the issues around restricted funds and endowments, such as Uniform Prudent Management of Institutional Funds Act (UPMIFA). We have also participated in over one hundred tax exempt financings advising clients on the most beneficial structure while navigating the IRS rules.
Our clients also look to us for help on Unrelated Business Income Tax Issues (UBIT), permissible director transactions, intermediate sanctions, and reinstatement of revoked tax-exempt status.