Perlman & Perlman

FALL 2010

Fed Court Rules Christian Humanitarian Organization Can Use Religious Belief as Basis to Hire and Fire
The United States Court of Appeals for the 9th Circuit may have opened the door for faith based organizations performing humanitarian work to hire and fire employees based on their religious beliefs.
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It's a Good Time For a GRAT
With the October 2010 IRC Section 7520 rate at only 2%, the lowest in history, it’s a great time for wealthy individuals who are interested in passing assets tax free to the next generation to set up a Grantor Retained Annuity Trust or “GRAT.”
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New York Enacts Version of UPMIFA
The New York Prudent Management of Institutional Funds Act (NYPMIFA), enacted on September 17, updates and expands standards related to investment management and expenditure decisions and takes effect immediately.
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IRS Provides Guidance for Calculating Health Care Tax Credit by Small Businesses and Tax-Exempt Entities
Small employers including charities that provide health care coverage to their employees and that meet certain requirements (“qualified employers”) generally are eligible for a federal Small Business Health Care Tax Credit for health insurance premiums they pay for certain employees.
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Doing More With Less: News From the 2010 State Charities Officials Conference
Charities and regulators were out in full force at the the 2010 National Association of Attorneys General and National Association of State Charities Officials (NAAG/NASCO) in Silver Spring, Maryland on October 4th. Facing a climate of dwindling resources, charities and regulators were focused on exploring new fundraising strategies to meet the challenge of “Doing More with Less”, the conference’s theme.
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October 7520 Rate Drops to 2.0%
The Internal Revenue Code Section 7520 rate for October 2010 is 2%. This is the lowest rate in history.
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Recommended Resources

Playing Bingo: The IRS Gives Guidance on Gaming by Charities
Raising funds through bingo games, casino nights and raffles has become popular with many tax-exempt organizations. The IRS recently issued a pamphlet called "Tax Exempt Organizations and Gaming."
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Net Impact: The Business of Changing Our World
Net Impact’s mission is “to inspire, educate and equip individuals to use the power of business to create a more socially and environmentally sustainable world.” Net Impact hosts their 2010 conference "Vision for a Sustainable Decade" at the Ross School of Business in Ann Arbor, MI on October 29, 2010.
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Perlman + Perlman, in collaboration with the Wells Fargo Education and Nonprofit Banking Group, is presenting a free seminar, Making Sense of the “New” New York City Property Tax Exemption which will examine how recent changes in the NYC Property Tax Exemption may affect NYC nonprofits.
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Remi Silverman joins Perlman + Perlman
We are pleased to announce that Remi Silverman has joined Perlman + Perlman as an Associate Attorney. To learn more about Remi, click here.

Perlman + Perlman is proud to sponsor the 2010 Social Venture Network Fall Invitational "Building the Bridge from Passion to Action" on October 21-24, 2010. The gathering will bring together a vibrant community of social entrepreneurs to explore new ways to create a just economy, strengthen their collective impact, and share resources and experiences in leading sustainable enterprises.
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Allen Bromberger will co-lead a knowledge sharing session Changing Investor-Investee Relationships at the Investors Circle Fall 2010 Venture Fair & Forum: Values with Velocity. The event will bring together early stage investors with a shared commitment to building a sustainable economy, transforming our communities, and supporting best-in-class social entrepreneurs on November 10 in Washington, D.C.
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Cliff Perlman will help participants untangle the process of charitable state registration in the workshop Navigating the Charitable Solicitation Maze at the Nonprofit Coordinating Committee of New York on November 10, 2010.
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Allen Bromberger will speak on legal structures at the 2010 Social Enterprise Boot Camp at the School of Public and International Affairs at Columbia University on November 13, 2010.
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Seth Perlman will be co-chairing a seminar titled Financial and Reporting Issues for Nonprofits 2010 to be presented at the Practising Law Institute in New York City on November 23, 2010.
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Subaru of America, Inc.

As part of Subaru’s Share the Love campaign, Subaru will donate $250 for every new Subaru vehicle sold or leased from November 20, 2010 through January 3, 2011.
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The materials contained in this newsletter have been prepared by the law firm of Perlman and Perlman, LLP for informational purposes only. The information contained herein is general in nature and may not have application to particular factual or legal circumstances. These materials do not constitute legal advice or opinions and should not be relied upon as such. Transmission of the information is not intended to create, and receipt does not constitute, an attorney-client relationship. Recipients of this newsletter should not act upon any information in this newsletter without seeking professional counsel. The contents of this email may be an "Advertisement" as defined by The Rules of Professional Conduct.