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Tag Archives: Form 990

To Charities and Board Members: Beware and Be Aware of Collateral Damage that May Ensue from Unrelated Legal Proceedings – Part III

Posted in Charitable board governance

Michael J. Kline writes: Part III of this blog entry will discuss and provide a list of ideas as to how charities may identify and respond to events affecting individual board members and others, such as convictions, consent decrees and admissions of wrongdoing, that may require disclosure in State Reports.  (Capitalized terms not otherwise defined in… Continue Reading

To Charities and Board Members: Beware and Be Aware of Collateral Damage that May Ensue from Unrelated Legal Proceedings – Part II

Posted in Charitable board governance

Michael J. Kline writes: Part II of this blog entry uses disclosures required for board members of charities to demonstrate the unrelated and unanticipated negative ripple effect that may flow from what may appear to be relatively unimportant consent decrees or admissions of wrongdoing discussed in Part I.  (Capitalized terms not otherwise defined in this… Continue Reading

Investment Adviser Ivy Asset Management Settles Madoff Lawsuits for $210 Million – Installment 86

Posted in Bernard Madoff

While both the U.S. Department of Labor and the New York Attorney General are to be congratulated, it is not immediately clear that their respective press releases are addressing a single $210 million settlement with Ivy Asset Management and other defendants of a number of consolidated lawsuits in which the Department of Labor and New York Attorney General are principal plaintiffs.

Madoff and Charities: Checking the Pulse After Three Years – Is the Hadassah Nightmare Finally Over? – Part 1 – Installment 65

Posted in Bernard Madoff

With the recent passage of the third anniversary of the arrest of Bernard Madoff, it appears appropriate to review where Hadassah currently stands, as reflected in publicly available documents, in light of its settlement payment of $45,000,000 in March 2011 to the Trustee of the Madoff bankruptcy proceedings.

Will JASA Become More Forthcoming in Disclosing its Substantial Losses and Risks from Investing with Madoff? – Installment 62

Posted in Bernard Madoff

There has been a disappointing lack of transparency evidenced by the Jewish Association for Services for the Aged — a defendant in a clawback action recently filed by the Madoff trustee — in its failure to provide meaningful public disclosures of the magnitude of its investments with Madoff and its loss and exposure to risk, either in media releases or in filings of Forms 990 with the Internal Revenue Service.

Can Picard Pull off a Squeeze Play by Using His $5.2 Million Lawsuit Against JASA to Place Pressure on Saul Katz of the Mets? – Installment 61

Posted in Bernard Madoff

Trustee Irving Picard has addressed charities that invested with Bernard Madoff in a perplexing and inconsistent manner, virtually to the point of arbitrariness and unfairness. His new $5.2 million lawsuit against the Jewish Association for Services for the Aged not only reaffirms his erratic behavior in this area, but also suggests that Picard may have other purposes for his actions.

Ponzi Schemes and Charities: A Postscript to Malvern Preparatory School and its Consent Order – Precedent for Other Charities? – Installment 37

Posted in Bernard Madoff

This is the thirty-seventh in a series of Installments on this blog that is discussing issues that have arisen for charities in the aftermath of the Bernard L. Madoff (“Madoff”) scandal and other smaller Ponzi schemes. Installments 30 and 35 of this series discussed a Ponzi-scheme run by former Trustee Joseph S. Forte (“Forte”) of Malvern… Continue Reading

The Litwin Foundation and Madoff: A Review of the Foundation’s Forms 990-PF in Light of Its New Lawsuit Against the SEC – Installment 36

Posted in Bernard Madoff

This is the thirty-sixth in a series of Installments on this blog that discusses issues that have arisen for charities in the aftermath of the Bernard L. Madoff (“Madoff”) Ponzi scheme scandal. A number of Installments have analyzed the Forms 990 and Forms 990-PF filed with the Internal Revenue Service (“IRS”) by specific public charities… Continue Reading

Ponzi Schemes and Charities: A Revisit to Malvern Preparatory School, its Former Trustee Joseph Forte and Form 990 Disclosures – Installment 35

Posted in Bernard Madoff

This is the thirty-fifth in a series of Installments on this blog discussing issues that have arisen for charities in the aftermath of the Bernard L. Madoff scandal and other smaller Ponzi schemes. Installment 30 of this series discussed a Ponzi-scheme run by former Trustee Joseph S. Forte (“Forte”) of Malvern Preparatory School (“Malvern” or the… Continue Reading

A Postscript – the Latest Charitable Casualty of Madoff: Reviewing the Transparency of American Jewish Congress – Installment 33

Posted in Bernard Madoff

This is the thirty-third in a series of Installments on this blog that discusses issues that arose in the aftermath of the Bernard L. Madoff (“Madoff”) scandal.  Against the backdrop of the Madoff scandal, various Installments of this series have analyzed new disclosure requirements for public charities adopted by the Internal Revenue Service (“IRS”) in… Continue Reading

The Latest Charitable Casualty of Madoff: Reviewing the Transparency of American Jewish Congress – Installment 31

Posted in Bernard Madoff

This is the thirty-first in a series of Installments on this blog that discusses issues that arose in the aftermath of the Bernard L. Madoff (“Madoff”) scandal.  Various Installments of this series have analyzed new disclosure requirements for public charities adopted by the Internal Revenue Service (“IRS”) in 2008 for its new Form 990 against… Continue Reading

Ponzi Schemes and Charities: Malvern Preparatory School, its Former Trustee Joseph Forte and New Form 990 Disclosures – Installment 30

Posted in Bernard Madoff

This is the thirtieth in a series of Installments on this blog that discusses issues that arose for charities in the aftermath of the Bernard L. Madoff (“Madoff”) scandal.  For example, Installment 29 analyzed new disclosure requirements for public charities adopted by the Internal Revenue Service (“IRS”) in 2008 for its new Form 990 (the “New… Continue Reading

The Madoff Aftermath and Charities: The Curious Case of the Howard Hughes Medical Institute and its New Form 990 – Installment 29

Posted in Bernard Madoff

This is the twenty-ninth in a series of Installments on this blog that discusses issues that arose in the aftermath of the Bernard L. Madoff (“Madoff”) scandal. Various Installments of this series have analyzed new disclosure requirements for public charities adopted by the Internal Revenue Service (“IRS”) in 2008 for its new Form 990 (the “New… Continue Reading

A Revisit to the Lautenberg Private Foundation Lawsuit vs. Peter Madoff – Installment 28

Posted in Bernard Madoff

This is the twenty-eighth in a series of installments on this blog that are discussing some of the issues arising in the aftermath of the Ponzi scheme perpetrated by Bernard L. Madoff (“Bernard”). Many of the Installments in this series have focused on specific problems and concerns respecting public charities and private foundations that were victims… Continue Reading

The Madoff Aftermath and Charities: The IRS Forms 990-PF of the Shapiro and Wilpon Foundations – A Contrast in Transparency – Installment 27

Posted in Bernard Madoff

This is the twenty-seventh in a series of Installments on this blog that discusses issues that arose in the aftermath of the Bernard L. Madoff (“Madoff”) scandal. Against the backdrop of the Madoff scandal, Installment 26 of this series discussed certain disclosure requirements for public charities adopted by the Internal Revenue Service (“IRS”) in its… Continue Reading

The Madoff Aftermath and Charities: Should the IRS Adopt the New Requirements for Amending Form 990 for Form 990-PF? – Installment 26

Posted in Bernard Madoff

This is the twenty-sixth in a series of Installments on this blog that discusses issues that arose in the aftermath of the Bernard L. Madoff (“Madoff”) scandal. Against the backdrop of the Madoff scandal, prior Installments of this series have discussed and analyzed new disclosure requirements for public charities adopted by the Internal Revenue Service… Continue Reading

Another Revisit to Madoff and His Charity Stakeholders – Has an Upgrade in Compliance Compromised Auditor Independence for Yeshiva University? – Part IV – Installment 25

Posted in Bernard Madoff

This is the twenty-fifth in a series of installments on this blog that are discussing issues arising in the aftermath of the long global Ponzi scheme of Bernard L. Madoff (“Madoff”). Defined terms and links not otherwise contained in this Installment are included in Installments 22, 23 and 24.   This Installment will continue the Yeshiva/KPMG… Continue Reading

Another Revisit to Madoff and His Charity Stakeholders – Has an Upgrade in Compliance Compromised Auditor Independence for Yeshiva University? – Part III – Installment 24

Posted in Bernard Madoff

This is the twenty-fourth in a series of installments on this blog that are discussing issues arising in the aftermath of the long global Ponzi scheme of Bernard L. Madoff (“Madoff”). Defined terms and links not otherwise contained in this Installment are included in Installments 22 and 23. This Installment is Part III of an analysis of… Continue Reading