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Compensation Committees
The issue of nonprofit executive compensation has not left the news in recent months. The Internal Revenue Service's 'soft-contact' initiative, which began in June 2004, is nearing completion. Although the final results are not in, the numbers are impressive. The IRS has made approximately 1800 compliance contacts, 1200 of which have been compliance checks and 600 of which have been exams. See Official Discusses EO Executive Compensation Compliance Project, 2006 TNT 83-6. Two hundred of the compliance checks eventually led to exams. Id. In addition to the IRS effort, the federal Government Accountability Office (GAO) recently began sending out its own 'soft-contact-audit' letters to nonprofit hospitals and health systems. See Just Compensation? GAO Investigating Executive Pay At Not-for-Profits, available at http://www.modernhealthcare.com/article.cms?articleId=39479.
All this scrutiny should be cause for concern among tax-exempt health care organizations. A properly functioning compensation committee can be a great asset to a tax-exempt organization in making sure that compensation paid by the exempt organization does not give rise to taxes under the excess benefit transaction rules. This article focuses on the process of governance as it applies to compensation committees of tax-exempt organizations and on the role of the compensation committee in helping to avoid excess benefit transactions.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
Warehouse Liability: Know Before You Stow!
As consumers continue to shift purchasing and consumption habits in the aftermath of the pandemic, manufacturers are increasingly reliant on third-party logistics and warehousing to ensure their products timely reach the market.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.