IRS Releases Suggested Governance Guidelines for 501(c)(3) Organizations

In February, the Internal Revenue Service published a list of recommended governance policies and practices for tax-exempt organizations. These new guidelines are consistent with Land Trust Standards and Practices and reflect many of the themes stressed by the IRS over the past year and incorporated into the revised Form 990, including transparency, financial oversight and accountability.

Read the announcement from the IRS. See more information on:

• the IRS document: Governance and Related Topics - 501(c)3 Organizations (PDF, 40KB)
• on the revised Form 990

The guidelines address the following topic areas:

• Mission
• Organizational documents
• Governing body
• Governance and management policies
• Financial statements and Form 990 reporting
• Transparency and accountability

In addition to Land Trust Standards and Practices, the guidelines complement the recommendations set forth in the Panel for the Nonprofit Sector’s “Principles for Good Governance and Ethical Practice,” released in October 2007.

See the panel’s report