Summary judgment; nonprofit corporation law.
Many qualified nonprofit hospitals have received great financial benefits from tax exemption. A 1990 report by the GAO showed that 57% of the nonprofit hospitals provided less charitable care than the value of the tax exemption they received. This conflicts with the rationale for tax exemptions: that the benefits nonprofit hospitals provide to society outweigh the benefits that the government would receive from taxing the organizations. The debate over deservedness has recently reignited, and nonprofit hospitals have been under great scrutiny for the tax exemptions they receive. The Senate Finance Committee's staff, keenly aware of the ineffectiveness of the community benefit standard, has proposed reforms in this area. The IRS, also aware of the need for improvement in the reporting re...
... the sponsoring public bodies or public nonprofit organization. It involves one of the measure purpo... special purpose districts, municipal corporations or similar governmental units. (k) Non-profit corp...
Maryland is the first state to enact innovative legislation creating a new type of corporation, the benefit corporation. The new law blends a traditional for-profit corporation with a nonprofit's mission to benefit the public, requiring directors to consider the societal ramifications of their decisions as well as the stockholders' interests. House Bill 1009/SB 690, signed into law as Chapter 98 of the Laws of Maryland of 2010, will take effect on Oct. 1. Under the new legislation, a corporation can elect to be a benefit corporation by identifying itself as such in its charter. The charter must also say that the corporation's purpose is to create a general public benefit. That purpose may expand or limit any other corporate purpose permitted under Maryland law.
Just because an institution can do something, that doesn't mean it should. This idea should guide officials at MaineHealth in their tax appeal to the city of Portland. MaineHealth is the corporate parent of Maine Medical Center. By law it is a registered charitable nonprofit corporation, making the hospital and some of its other properties tax exempt. In 2009, it bought an office building on Free Street for more than $3 million and invested more in renovations. Now it wants to move at least part of the value off the city tax rolls.
In 2002, scandals at companies like Enron, Adelphia, Tyco, and WorldCom cast a cloud over the accounting profession. Investor confidence in US financial markets was severely shaken. What emerged from the scandals was a bill named after its two chief sponsors, Senator Paul Sarbanes (D-MD) and Representative Michael G. Oxley (R-OH). The Sarbanes-Oxley Act (SOX) was signed into law by Pres Bush on Jul 30, 2002, and created a new private-sector, nonprofit corporation -- the Public Company Accounting Oversight Board -- to oversee the financial reporting of public companies. While SOX may have negatively affected the earnings of certain corporations, the best argument in favor of the law comes from simply looking at the performance of the financial markets.
...), and legislation creating hybrid nonprofit/for-profit forms all use business models and pract...--principally, state nonprofit corporation and charitable trust law. (6) The second is tax la...
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