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Nonprofit Regulations Proposed in Ohio
Last week, Ohio Attorney General Jim Petro released a 46-page document of proposed rule changes for Ohio’s charitable organizations with the goal of “strengthening our oversight and shedding light on the business practices of charitable organizations operating in Ohio”. The Attorney General’s office will filed these proposed changes with the Joint Committee on Agency Rule Review on August 1 and has opened a pre-filing comment period ending July 28.
Some of the proposed changes include:
* A Conflict of Interest Policy to be adopted by charities with an annual reporting requirement of whether or not such policy has been adopted and followed;
* Executive Compensation and Expense Reimbursement Policies to be adopted with an annual reporting requirement;
* Compensation to any covered person (director, trustee officers or agents) in excess of 30 times minimum wage OR above 10 percent of gross annual revenues is generally not deemed to further the organization’s charitable purposes;
* Procedures that should be followed regarding financial reporting and audits;
* Payment of compensation other than reimbursements for expenses of the governing body is generally not deemed to be in furtherance of its charitable purposes;
* Expense reimbursements that exceed the Federal Trade Regulations rates is generally deemed not in furtherance of the charity’s purposes;
* Filing of an annual community benefit report and summary;
* Additional reporting on need assessment and community impact for healthcare institutions and nonprofits with annual revenue in excess of $1 million.
The full text of the document may be read on the Attorney General’s website:
http://www.ag.state.oh.us/spotlight/cgrules.asp
The Community Foundation of Greater Lorain County will make every effort to provide our constituents with the latest information. Stay tuned to this website for additional updates.
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