Donors Forum's monthly Policy Update provides nonprofit and philanthropy staff with advocacy resources, the latest state and federal policy updates, and information on relevant upcoming events.
I just wanted to share with everyone our latest Policy Update. Donors Forum publishes a monthly Policy Update with policy news, resources and events for the nonprofit and philanthropic community.
I wanted to share with you all an upcoming event that Donors Forum will be hosting in partnership with the Attorney General's office. Please see the details below and feel free to give me a call for more information. Hope to see you there!
Strengthen your Nonprofit Organization:
The Attorney General’s Guidance on UPMIFA
The Office of the Illinois Attorney General and Donors Forum invite you to a FREEinformation session on a new standard in Illinois for governing nonprofit expenditures: the Uniform Prudent Management of Institutional Funds Act.
Event hosted by:
Donors Forum (Illinois)
The Illinois Attorney General’s Charitable Advisory Council Public Education Committee
SangamonCounty Community Foundation
United Way of Central Illinois
Girl Scouts of Central Illinois
Date:
November 17, 2009
Time:
10:30 am – 12:00 pm
Location:
Girl Scouts of Central Illinois
3020 Baker Drive
Springfield, IL62703
Please join us for an information session on the Uniform Prudent Management of Institutional Funds Act (UPMIFA) a new piece of legislation signed into law by Governor Quinn on June 30, 2009. UPMIFA introduces a new standard of prudence governing when a nonprofit can spend their endowment. Under the old law, UMIFA, nonprofits were banned from spending endowment funds if they dip below their historic or initial dollar value. Learn what the new standard means for nonprofits in Illinois, including those struggling to stay financially sustainable.
Speakers include:
Therese Harris, Chief, Charitable Trust Bureau, Illinois Attorney General
Larry Johnson, Senior Tax Manager, Sikich & Gardner LLP
Vicki Megginson, Senior Vice President, University of Illinois Foundation
John Stremsterfer, Executive Director, SangamonCounty Community Foundation
For more information or to register contact Srilatha Lakkaraju at 312-327-8946 or slakkaraju@donorsforum.org.
As a member of the non-profit community I believe it is important that we are all prepared for the unexpected. Please feel free to look around our national website and then contact your local American Red Cross for more details.
This document management policy is designed to conform with the charitable laws of states which, like California, given the Attorney General an unusually long statute of limitations (10 years) within which to bring an action for breach of charitable trust. Three items to note in particular: First, think about this as part of document management, rather than simply document retention; holding on to documents too long is unnecessarily expensive. Second, there may some documents that are worth saving for the community's sake or for the sake of clients that go beyond these legal guidelines. And third, remember that e-mail messages are documents that should conform to these guidelines.
The Sarbanes-Oxley Act addresses the destruction of business records and documents and turns intentional document destruction into a process that must be carefully monitored. Nonprofit organizations should have a written, mandatory document retention and periodic destruction policy . Policies such as this will eliminate accidental or innocent destruction. In addition, it is important for administrative personnel to know the length of time records should be retained to be in compliance.
