News and Events

 

We are pleased to make available the materials for Len Cole’s past seminars.  Please note:  The presentation materials available below have not been updated and may have been rendered inaccurate by subsequent changes in law.

 

“Tax-Exempt Organizations: Fundamentals and Beyond,” Maine State Bar Association, March 28, 2017

Len presented several sessions at an upcoming seminar sponsored by the Maine State Bar Association.  Participants attended a morning session focusing on nonprofits law fundamentals, an afternoon session covering selected topics in more depth, or both sessions.  The seminar was held at the Garden Inn in Freeport and was webcast as well.  For more information, please visit the MSBA web site, https://mainebar.site-ym.com/events/EventDetails.aspx?id=926805.

“Nonprofit Issues: UBIT and UPMIFA” at the Saint Joseph’s CPA Workshop, October 20, 2016

Len presented a seminar on the federal Unrelated Business Income Tax (UBIT) and Maine’s Uniform Prudent Management of Institutional Funds Act (UPMIFA).

For more information, please visit the Saint Joseph’s College CPA Workshop website.

 

“Tax Exempt Organizations-Federal and State Issues”, at the 2016 Maine Tax Forum, November 2, 2016

On November 2, at 1:30pm, Len presented a session at the 2016 Annual Maine Tax Forum at the Augusta Civic Center, on the topic of “Tax Exempt Organizations- Federal and State Issues”

Maine Tax Forum (MTF), held this year on November 2nd & 3rd at the Augusta Civic Center, is a two-day program especially beneficial to experienced professionals providing tax advice to clients and assisting with more complex tax situations. Maine professionals engaged in tax, accounting and legal client service practices that are impacted by annual changes in the federal and state tax laws, will benefit from the in-depth presentations from experts with years of professional service practicing in Maine.

Subjects included Ethics, Federal & State updates, and new IRS initiatives. All subjects are approved for continuing education credits by the Maine Board of Accountancy and the Maine Board of Overseers of the Bar. Most subjects, including Ethics, are also approved by the IRS for continuing education credit.

For more information, please visit the Maine Tax Forum website.

SCORE Maine is the official presenter of two annual educational programs that provide tax preparers, enrolled agents, CPAs and legal professionals with updated information about annual changes in  Maine and Federal tax laws. The Tax Practitioner Institute (TPI) and the Maine Tax Forum (MTF) both provide continuing education credits.

 

“Tax-Exempt Organizations: New Requirements and Regulations” June 8, 2016 teleconference

Title: Tax-Exempt Organizations: New Requirements and Regulations

Date:  06/08/16, 2:00 pm – 3:30 pm  EST

Len presented this live teleconference sponsored by National Business Institute (NBI).  Click here at www.nbi-sems.com for information.  The agenda was as follows:

  • Top Tax-Exempt Legal and Tax Areas Currently Under Radar
  • UBIT Developments
  • Contributions, Fundraising, Charitable Giving and More
    • Changes to Contribution Rules and Regulations
    • New Multistate Registration and Filing Portal
    • Planned Giving Developments
  • New IRC Rulings and Opinions Regarding Qualification, Denial, Revocation of Tax-Exempt Status
  • Current Status of Political Activity Restrictions
  • It’s Election Year! Prospective Tax Reforms’ Impact on Tax-Exempts

 

CPA Workshop, Nov. 19, 2015

On November 19, 2015, presented a seminar on tax-exempt organizations as part of the St. Joseph’s College CPA Workshop.   https://www.sjcme.edu/academics/continuing-education/cpa-workshops/online.  Thanks to all who participated!

 

“Ultimate Guide to Tax Exempt Organizations in Maine” 2-Day Practical Course, Aug. 25-26, 2015:

On August 25 and August 26, 2015, Len presented several sessions at a comprehensive 2-day course for attorneys, accountants, and nonprofit organization directors and officers entitled “Ultimate Guide to Tax Exempt Organizations in Maine”, sponsored by National Business Institute (NBI). The seminar was held in Portland, ME.

Program Description:

Establishing and operating a tax exempt organization is a complex task that requires advice from knowledgeable professionals. Learn the practical strategies you need to guide a tax exempt client through the life cycle of IRS application and yearly compliance. This double-length course will provide comprehensive information covering Form 1023 filing, state tax exemption applications, handling contributions, and more. Our experienced team of attorneys and accountants will show you how to handle the challenges and opportunities that arise in every tax exempt organization. Gain confidence in your ability to successfully advise tax exempt organizations.

Len will speak about Formation/Incorporation of a Tax Exempt Organization, Ethics for Nonprofit Advisers, Unrelated Business Income Tax (UBIT), UPMIFA Compliance: Managing and Spending Endowment and Institutional Funds, and Unique Industry Issues and Current Trends.

 

Nonprofits and the Tax Reform Act of 2014: What Board Members and Executive Directors Need to Know!  (Live Teleconference)

Len presented a live NBI teleconference on January 20, 2015, on Nonprofits and the Tax Reform Act of 2014: What Board Members and Executive Directors Need to Know!

Click here to view the materials for this Nonprofits and the Tax Reform Act teleconference.

 

UPMIFA: Financial Implications

October 3, 2014 MANP Nonprofit Finance Conference.

At this conference, Len talked about UPMIFA (Uniform Prudent Management of Institutional Funds Act), a state statute that provides rules for management and investment of certain funds held by charitable institutions, spending of funds donated as “endowments”, and obtaining relief from donor restrictions. Presentation agenda:

•What is UPMIFA? The Basics

•UPMIFA Over the Life of an Endowment Fund

NBI seminar “Nonprofit and Tax-Exempt Organization Guide”

Len presented a full-day seminar titled “Nonprofit and Tax-Exempt Organization Guide” in Portland on October 17, 2013.  The event was sponsored by National Business Institute (NBI) and included presentations by other nonprofits-law specialists, as well.  Topics included nonprofit governance, tax, and accounting issues.

The Legal and Financial Aspects of Creating and Operating Nonprofits

The IRS has intensified its enforcement efforts and continues to revoke tax-exempt status for a growing number of organizations. Are your legal, accounting and business practices in compliance with the complex regulations governing nonprofits? This practical course offers essential strategies for creating and operating a successful tax-exempt organization that complies with laws and disclosure requirements. Get sample forms and detailed instruction on tax reporting, calculating UBIT, the definition and handling of endowments, and director duties and liability.

•Learn which Form 990 to file, what info is required, and walk through a prepared full Form 990.

•Identify common actions that endanger the nonprofit.
•Make sure the nonprofit is audit-ready with impeccable accounting and reporting practices.
•Find solutions to liquidity issues in nonprofit financial management.
•Identify and quantify UBIT and discover all relevant exemptions and exclusions.

Regulation of Charitable Solicitations, Boston Bar Association, April 2013

On April 30, Len presented a seminar to the Boston Bar Association’s Tax-Exempt Organizations Section titled “Regulation of Charitable Solicitations: We Can Do Better!”.  This presentation was also broadcast online at West Legal EdCenter.  Thank you to all who attended!

Seminar Description:  This presentation will begin with a brief overview of state charitable solicitation laws, followed by a discussion of the real-world impact of these laws. Current hot topics will then be discussed, along with an innovative proposal for bringing solicitation regulation into the Digital Age. There will be time at the end to ask questions and share ideas and experiences.

View the “Regulation of Charitable Solicitations” presentation materials here.

501(c)(3) Collaborations: Opportunities and Issues

Len spoke about “501(c)(3) Collaborations – Opportunities and Issues”, at NEI-MeHAF (Maine Health Access Foundation) Community of Learning in Lewiston, ME, on June 27, 2012. Overview:  This presentation discussed collaborations between 501(c)(3) organizations… short of merger. The possibilities are endless. There are many legal issues that may arise in a collaboration, and collaborations with a non-501(c)(3) entity raise additional issues. Engage a lawyer with expertise in the relevant fields of law.

View the “501(c)(3) Collaborations” presentation materials here.

Staying Legal – MANP webinar

Staying Legal, MANP (Maine Association of Nonprofits) SkillBuilder presented in September 2011.
For many nonprofits, tax-exempt status is the organization’s most valuable asset. Yet this summer, the IRS released a list of more than 275,000 nonprofits that lost their tax-exempt status for failing to file annual returns. Filing federal tax returns is one of many requirements nonprofits must satisfy each year. This webinar will provide an overview of annual filings and other measures necessary to preserve your organization’s tax exemption, and will include:
• Common compliance failures that can cost your organization money or jeopardize its mission
• Tips for preserving your organization’s status as a public charity
• 12 things you should be doing to keep your organization out of legal trouble
We will cover the most frequently raised (but not all) compliance issues specific to 501(c)(3) public charities incorporated under the Maine Nonprofit Corporation Act.
View the “Staying Legal” webinar presentation materials here.

 

UPMIFA: Financial Implications

November 9, 2010 MANP Nonprofit Finance Conference.
At this conference, Len talked about UPMIFA (Uniform Prudent Management of Institutional Funds Act), a state statute that provides rules for management and investment of certain funds held by charitable institutions, spending of funds donated as “endowments”, and obtaining relief from donor restrictions. Presentation agenda:
•What is UPMIFA? The Basics
•UPMIFA Over the Life of an Endowment Fund
View the “UPMIFA: Financial Implications” presentation materials here.

 

Federal Tax Issues – Setting Compensation Levels in Nonprofits

September 29, 2010  Setting Effective & Ethical Compensation Levels in Nonprofits. In this MANP SkillBuilder, Len presented major federal tax issues unique to compensation paid by tax-exempt entities, including:
•Inurement and Private Benefit
•Excess Benefit Transactions
•Rebuttable Presumption of Reasonableness
View the “Federal Tax Issues for Nonprofits Settting Compensation” presentation materials here.

Ballot Initiatives – Yes You CAN Influence That Vote!: Federal Tax Rules

September 21, 2009 MANP Skillbuilder on the federal tax rules concerning lobbying. We will define lobbying and discuss how much lobbying your organization can conduct, depending on various factors.  Significant time will be devoted to the benefits of electing the “expenditure test” under section 501(h).
View the “Yes You CAN Influence That Vote: Federal Tax Rules” presentation materials here.

Raising Funds with an Auxiliary Business

August 12, 2010 MANP SkillBuilder.
Does your organization need to diversify its revenue sources? If so, this half-day SkillBuilder is for you. You’ll leave this session with the information and inspiration you need to launch a profit-making enterprise to fund – and perhaps directly further – your organization’s mission. The focus will be on legal and practical considerations.
This SkillBuilder includes:
•Discussion of structuring options, including whether a new entity might be needed
•An overview of federal tax implications, including preservation of tax-exempt status and the unrelated business income tax (UBIT)
View the “Raising Funds with an Auxiliary Business” presentation materials here.

UPMIFA in Practice

July 8, 2010 MANP Skillbuilder.
Are you up on UPMIFA? The new Uniform Prudent Management of Institutional Funds Act applies to all Maine charities. It provides rules for spending from endowment funds, managing and investing a charity’s assets, and delegating those functions. This Skillbuilder will focus on compliance with UPMIFA in the real world, and will include discussion of UPMIFA’s legal requirements and new opportunities for endowment fund use, and steps your organization should take to comply with UPMIFA.
View the “UPMIFA in Practice” presentation materials here.

 

UPMIFA and You – New Rules on Nonprofits Endowments & Investments

July 15, 2009 MANP Skillbuilder. Maine’s new Uniform Prudent Management of Institutional Funds Act provides rules for spending from endowment funds, managing and investing a charity’s assets, delegating management and investment functions, and altering donor restrictions. This Skillbuilder will cover the basics of UPMIFA and focus on changes to prior law, UMIFA.
View the “UPMIFA and You” presentation materials here.