CHAPTER THIRTY-THREE
Governance
§ 33.3 GOOD GOVERNANCE PRACTICES
(c) IRS Good Governance Guidelines
p. 798. Insert as last sentence of first paragraph.
The IRS has subsequently withdrawn the discussion draft and now relies on the disclosures required in its redesigned Form 990.
p. 798. Insert as second paragraph, before heading.
In 2009, the IRS published a Governance Checksheet for use by exempt organizations revenue agents in the examination of public charities.29.1 The checksheet inquires about the organization's governing body and management, executive compensation, control of the organization, the conflict of interest policy, financial oversight of the charity, and document retention. An organization that adheres to mainstream good governance practices will have little difficulty satisfying a revenue agent that it is well run under the criteria set forth in this checksheet. The greater significance of the checksheet is that the good governance principles espoused by the IRS are no longer merely advisory in nature; they are now a part of the audit process.
29.1. Form 14114 (12–2009). See Appendix T.
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