A SARBANES-OXLEY FOR CHARITIES

David T. Leibell and Daniel L. Daniels of Cummings & Lockwood LLC in Stamford, Conn. report: On June 14, 2007, the Internal Revenue Service released for public comment a discussion draft of a redesigned Form 990, Return of Organizations Exempt from Income Tax, which would greatly increase the reporting and disclosure requirements for not-for-profits, resulting in increased transparency. Many public

David T. Leibell and Daniel L. Daniels of Cummings & Lockwood LLC in Stamford, Conn. report:

On June 14, 2007, the Internal Revenue Service released for public comment a discussion draft of a redesigned Form 990, Return of Organizations Exempt from Income Tax, which would greatly increase the reporting and disclosure requirements for not-for-profits, resulting in increased transparency.

Many public charities and other exempt organizations are required to file Form 990. The

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