IRS Governance Guidelines for 501(c)(3) Organizations
In February 2008, 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.
The guidelines address the following topic areas:
- Organizational documents
- Governing body
- Governance and management policies
- Financial statements and Form 990 reporting
- Transparency and accountability
Internal Revenue Service Links
Governance Resources from the Land Trust Alliance
Governance Guidelines from Independent Sector
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.