Insights on Nonprofits & Associations

Artificial intelligence promises to transform the way we live and work and its impact will undoubtedly stretch to every business sector across the globe. This next generation of technology brings exciting possibilities and unknown legal risks.

ArentFox Schiff is pleased to announce that 130 attorneys have been recognized by The Best Lawyers in America 2024, with an additional four attorneys highlighted as “Lawyers of the Year” and 69 attorneys listed as “Ones to Watch.”

The US Congress has announced it will be conducting hearings on whether tax-exempt entities are abiding by existing laws that regulate the amount of partisan activity they may engage in — and whether foreign money is being funneled through these organizations.

On May 15, 2023, Florida Governor Ron DeSantis signed legislation that impedes Diversity, Equity, and Inclusion (DEI) programs at public higher education institutions throughout the state.

Generative Artificial Intelligence (AI) is already transforming the way we live and work. Within two months of its initial release to the public, ChatGPT reached 100 million monthly active users, making it the fastest-growing consumer application in history.

Fredrick Weber will present at the Planned Giving Roundtable of Southeast Michigan on June 7, 2023.

There are major issues arising from the phaseout of the US Dollar London InterBank Offered Rate (LIBOR), which will soon become apparent in connection with LIBOR’s fast-approaching end date. This will dramatically impact many issuers, holders, and trustees of variable rate notes and bonds.

Join nonprofit and association executives and the members of ArentFox Schiff’s Nonprofits & Associations industry group for an update about what to expect from Congress and the Administration, and what this activity on Capitol Hill could mean for nonprofits, associations, and their stakeholders.

ArentFox Schiff served as outside counsel to California State University in a long-term stadium licensing deal with San Diego’s new MLS expansion team.

Shira Helstrom will present on “Tax Updates and Planning Strategies” on May 18, 2023.

“This is the new arms race.” That’s how Missouri State Representative and former University of Missouri offensive lineman Kurtis Gregory described the burgeoning patchwork of state laws that govern student athletes’ ability to profit from their name, image, and likeness (NIL).

Megan Daily will present “What’s in a Contract and Why” at the DC Pro Bono Center’s Understanding the Fundamentals of Nonprofit Organizations seminar series on April 27, 2023.

On April 3, 2023, the United Kingdom Financial Conduct Authority (UK FCA) announced a final decision on the transition of US Dollar London InterBank Offered Rate (USD LIBOR).

With USD LIBOR expected to end on June 30, 2023, there are numerous legal and financial implications to consider, especially as the pace of remediation of leveraged loans (and other commercial loans) needs to progress further according to the Alternative Reference Rates Committee (ARRC).

Please join Eva Pulliam, ArentFox Schiff Partner and AFSCRE* Founding Board Member, as she speaks with Clint Smith, author of How the Word Is Passed: A Reckoning with the History of Slavery Across America.

Many nonprofits are presented by lenders with an option to enter into an interest rate swap or cap when pursuing long-term financing or modifications to existing long-term financing.

Fashion Counsel

Last year, the United Kingdom Financial Conduct Authority (UK FCA) announced the following:
- ‘Zombie’ USD LIBOR for proposed use from July 1, 2023, through September 30, 2024, except for cleared derivatives
- 1-Month and 6-Month ‘Zombie’ Sterling LIBOR to cease on March 31, 2023

Nonprofits & Associations Industry Group Co-Leader Sean Glynn and Associate Dan Jasnow will present about metaverse considerations for the nonprofit sector at the 2022 Greater Washington Society of CPAs (GWSCPA) Nonprofit Symposium on November 17.

Harvard University must pay its own defense costs in the ongoing legal challenges to its affirmative action program after losing a battle with its insurance carrier, Zurich American Insurance Company (Zurich).

The death of the London InterBank Offered Rate (LIBOR) in the US may involve its coming back to life through ‘Zombie’ LIBOR.

The Internal Revenue Service (IRS) recently published a new Technical Guide for tax-exempt 501(c)(6) trade associations, business leagues, chambers of commerce, real estate boards, and other organizations exempt from federal taxation under IRC 501(c)(6). The new guide is part of an ongoing effort.

ArentFox Schiff LLP secured a victory on behalf of University of Kansas professor Feng “Franklin” Tao in a closely watched case involving allegations of wire fraud and false statements.

In this LIVE Webcast, Les Jacobowitz, a prolific speaker and author on the impact of the LIBOR transition, will present a timely and engaging discussion of the LIBOR transition and surrounding key issues.

On August 16, 2022, the Internal Revenue Service issued a final regulation on its ability to provide state governments with information regarding organizations seeking to become exempt and those already exempt from federal income taxation under Section 501(c) of the Internal Revenue Code.[1]