IRS Stresses Importance of Established Policies
Posted by Robert on 19 Apr 2009 | Tagged as: General
The Internal Revenue Service has, as one of its many tasks, the oversight of tax-exempt organizations. But the IRS does not have the resources to examine every such organization every year. To attempt to get tax-exempt organizations to police themselves, the IRS has, as part of the new Form 990 requirements previously referred to, strongly suggested that organizations adopt policies/guidelines to govern their activities. These policies, which will be discussed in more detail in future posts, include the following:
- conflict of interest policy
- document preservation and destruction policy
- whistleblower policy
- compensation policy
- joint venture policy
Having these policies in place doesn’t guarantee that problems won’t arise, but if the organization makes an effort to adopt them, there’s a good chance that attention will be paid to them.
