Charitable Misgivings: The Senate Finance Committee is calling for more oversight of the nations 3 million U.S. tax exempt organizations. One likely outcome is regular review of tax-exempt status. “Charities ought to periodically justify that they are doing the job they said they were doing when they applied for exemption,” says IRS Commissioner Mark Everson. Look for Sarbanes-Oxley type requirements to be implemented for the charitable sector. (CFO 8/04)
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