The 24th annual conference on Not-For-Profit Organizations This One-Day Seminar is Designed for Attorneys, Accountants, and Not-For-Profit Executives and Board Members.   Co-Sponsors: Chicago Community Trust CPAs For the Public Interest Donors Forum of Chicago Internal Revenue Service June 3, 2005

ONLINE REGISTRATION AVAILABLE! Click here to register online or print registration information.

Program Highlights

This one-day seminar is designed for experienced attorneys,
accountants, not-for-profit executives, and board members. The conference features a comprehensive program at a mid-to-advanced level of discussion on the most current developments in taxation, legislation and regulation of non-profits presented by leading experts in the area.

»Current Tax Developments Affecting Not-For-Profits
»IRS Focus 2005
»Governance Issues & Best Practices
»New Developments in 403b's and 457's
»Accounting Update
»The Employment Tax Audit
»Changes to Forms 1023 and 990
»Talking to Your Clients About Philanthropy
»Employment Law Issues Affecting Not-For-Profits
»IRS Current Developments
»How to Prepare and What to Expect From an Audit
»Update from the Attorney General’s Office

FRIDAY, JUNE 3, 2005

8:00-8:45
Registration

8:45-9:00
Welcome

Philip N. Hablutzel
Faculty Sponsor, Professor of Law, Chicago-Kent College of Law

Thomas E. Chomicz
Quarles & Brady LLP
Conference Co-Chair

9:00-10:00 Current Tax Developments

This session will highlight recent tax cases and 2004-05 rulings of special interest to not-for-profit organizations.

Bruce E. Huey
Friedman & Huey Associates

10:00-10:15
Break

10:15-11:15 IRS Focus 2005

Lois Lerner
Director, EO Rulings & Agreements
Internal Revenue Service

11:15-11:30
Break

11:30-12:30
CONCURRENT WORKSHOPS

Governance & Best Practices

This workshop will provide guidance on what not-for-profits should be adopting from Sarbanes-Oxley, what fiduciary rules apply, and whether a code of conduct is advisable.

Paula Cozzi Goedert
Barnes & Thornburg LLP

New Developments in 403b's and 457's

This workshop will focus on recent legal developments applicable to 403(b) tax sheltered annuity plans and eligible and ineligible deferred compensation plans under Code Section 457.

Sarah M. Linsley
Quarles & Brady LLP

Accounting Update

FASB recently issued Interpretation 45, the Guarantor’s Accounting and Disclosure Requirements for Guarantees. This workshop will discuss how the Interpretation may affect nonprofit organizations, revisit the treatment of United Way or other allocations and the effect of those revenues on your Statement of Activities, and show how SFAS 116 affected the accounting for such allocations.

John J. Quinn
Clifton Gunderson LLP

12:30-1:15
Buffet Luncheon

1:15-2:15
CONCURRENT WORKSHOPS

The Employment Tax Audit

This workshop will provide a practical, how-to approach to an employment tax audit with special attention to worker classification and fringe benefit issues. The session will also cover certain employment tax hot topics including tenured teacher payments and medical resident FICA.

Denis Conlon
Martin, Brown & Sullivan Ltd.

David Weiner
Area Counsel
Internal Revenue Service

They've Changed the Form - Now What Do I Do?

Form 1023 has undergone a substantial makeover and the IRS has announced it is currently revising Form 990. This session will provide insight with respect to specific changes in Form 1023 and procedures applicable to its submission; problem areas that have been highlighted by the IRS and how to respond; the IRS audit focus and how it relates to the new Form 1023; and any known changes coming for Form 990.

Mary Rauschenberg
Tax Director, Chicago Office
Deloitte Tax LLP

Talking to Your Clients About Philanthropy

This workshop will address the following questions: How can professional advisors speak to their clients about philanthropy? What’s the latest research regarding the advisors’ role with clients? How do we recommend philanthropy while not recommending a specific charity?

Moderator:
Merri Ex
Vice President of Philanthropic Services
Chicago Community Trust

Kassie Davis
Senior Program Officer
Chicago Community Trust

Tilden Cummings
First Vice President, Investments
Merryl Lynch

2:15-2:30
Break

2:30-3:30
CONCURRENT WORKSHOPS

Employment Law You Need to Know

This workshop will cover the new federal FLSA overtime exemption regulations and clear up some of the confusion about how they interact with Illinois law (since Illinois opted out of the changes.) It will discuss recent developments including the impact of the Supreme Court’s decision in the Desert Palace case and what it means to employers, the increasing pressure on employers to agree to mediate employment disputes, and employers’ increasing use of mandatory arbitration provisions: is it a wise idea?

Richard J. Gonzalez
Clinical Professor of Law
Chicago-Kent College of Law

Gary R. Clark
Quarles & Brady LLP

IRS Current Developments

In 2004 and 2005 exempt organizations were in the news as the IRS issued Circular 230 regulations and concentrated enforcement efforts on abusive tax arrangements. Working from hypothetical fact situations, the panel will discuss record-keeping requirements; Circular 230 concerns; and current enforcement efforts involving donated property and excessive compensation.

Fred Kluss
Group Manager, Tax Exempt/Government Entities
Internal Revenue Service

Elizabeth Mills
McDermott Will & Emery

3:30-3:45
Break

3:45-4:45
CONCURRENT WORKSHOPS

How to Prepare and What to Expect From an Audit

This workshop will cover preparation and handling of an IRS audit from information document request to meeting and negotiating with the IRS agent.

Morton S. Kessel
Managing Director
American Express Tax & Business Services

Report from the Attorney General’s Office

This workshop will provide an update on current legislative developments and other topics of interest to not-for-profits.

Therese Harris
Assistant Attorney General and Bureau Chief, Charitable Trusts Bureau
Office of the Illinois Attorney General

Confirmation of Registration
A letter of confirmation will be mailed to the address given on your registration form.

Confirmation of Attendance
A certificate of attendance will be provided at registration.

Cancellations and Refunds
Written notification of cancellation is required. A full tuition refund is available if notification is received prior to May 13, 2005; 25% will be charged if notification is received between May 13 and May 27, 2005. No refunds will be granted after May 27, 2005.

CPE Credit
7.2 hours on a “50-minute” credit hour. Chicago-Kent College of Law is a registered public accountant professional education sponsor in Illinois and New York.

MCLE Credit
6.0 hours on a “60-minute” credit hour; 7.2 hours on a “50-minute” credit hour. The actual number of approved hours may vary from state to state.

For additional information:
Please call the Office of Continuing Legal & Professional Education, Chicago-Kent College of Law, (312) 906-5090.

Hotel Accommodations
For the convenience of out-of-town attendees, hotel accommodations have been made at the Millennium Knickerbocker Hotel. The room rate at the Millennium Knickerbocker Hotel is $149 for single or double occupancy, plus 14.9% tax. The Millennium Knickerbocker Hotel is a short cab ride to the law school and provides easy access to Michigan Avenue night life and shopping. Please make reservations directly with the hotel. Requests for accommodations cannot be assured if made after May 3, 2005. Please mention to the hotel reservation receptionist that you are attending the Chicago-Kent College of Law Conference on Not-For-Profit Organizations. To make reservations:

Millennium Knickerbocker Hotel
163 E. Walton Place
Chicago, IL 60611
(866) 866-8086
Fax (312) 751-9205
www.millenniumhotels.com

Program Faculty

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