Nonprofit & Tax Exempt Organizations
Our mission is to support your mission
Because our attorneys serve on nonprofit boards in addition to advising them, we have both deep knowledge of the issues important to nonprofits and the best ways to address them..
A clear mission and dedicated professionals are keys to finding success as a nonprofit, tax-exempt organization. So, too, is understanding the business end of a nonprofit’s operations, its legal status and the regulations it must honor. We understand how the governance structure of a nonprofit organization affects its operations and the sorts of questions that executives bring to boards and boards to executives. From establishing and maintaining tax-exempt status, to advising on corporate governance, to guiding reorganizations, and everything in between, we are right there with you – providing the legal and administrative counsel that helps translate your mission into results.
Nonprofit & Tax Exempt Organizations Services
Training and practical advice for organization leaders.Nothing is more frustrating as a director or trustee of a not-for-profit or mission-based organization than feeling like you are not able to actively contribute to the organization reaching its goals. Our attorneys not only provide counsel on legal and regulatory requirements, they:
- Provide training on best practices in governance to directors and trustees.
- Work with boards of directors and executives to implement a system of policy-based governance, clearly delineating between the board’s role as a policy maker and the executives’ roles in managing the organization.
- Review and revise an organization’s bylaws to assure that boards and executives can carry out their roles effectively.
Facilitating consolidation.As the economic environment and other conditions affecting an organization’s operations change, it may be advantageous for nonprofits to partner with one another, consolidate operations or merge. We represent boards of directors and their organizations in discussions related to possible affiliations, including mergers and acquisitions, bridge boards and joint venture collaborations.
Keeping compensation competitive while meeting regulatory requirements.Organizations exempt from federal income taxation must establish that the compensation paid to their senior executives is reasonable in order to comply with regulatory requirements. To this end, our lawyers advise boards of directors and compensation committees nationwide on executive compensation, including:
- Working collaboratively with compensation consultants to establish compliant documentation for the organization to rely on its making its compensation decisions.
- Providing counsel on the reasonableness requirement mandated by law.
- Helping committees and boards document their deliberations in reaching decisions on executive compensation.
Our team has advised on nonprofit CEO compensation and employment agreements for nonprofit and tax-exempt organizations throughout the United States.
Navigating the paperwork and the process.Our team works with public charities and private foundations to complete and submit the application for tax exemption on Form 1023 or 1024, and to follow through with the IRS until a favorable determination letter is issued. We also work closely with clients to analyze their operations and charitable solicitations and complete any required state registration forms.
Funding your organization’s future through tax-exempt bonds.Organizations exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code may qualify for obtaining financing through tax-exempt bonds. Members of our Nonprofit & Tax Exempt Organizations Team act as borrower’s counsel in structuring these financings, including negotiating:
- Master trust indentures
- Loan agreements
- Letter of credit agreements
- Official statements
- Line of credit agreements
- Liquidity support agreements
- Other related documents
In addition, our attorneys assist clients in obtaining taxable financing directly from banks by negotiating lines of credit, letters of credit and real estate-based loans.
We have represented a variety of entities – including higher education institutions, hospitals and other public charities – as borrower’s counsel.
Explore Other Practices
The challenges and pressures of running a successful business of any size never stop, nor do you. We understand your world because we work with leaders like you, often as outside general counsel. Legal issues can make the challenges more daunting to manage and distract you from what you do best. That’s why we are right there with you to focus on what really matters, clarify the complex, solve problems efficiently and turn legal counsel into business advantage.
Helping managers sort big issues from small, the Chuhak & Tecson Employment Team works with family and closely held companies on day-to-day workplace challenges as well as the long-range questions that arise for growing businesses.
Estate Planning & Asset Protection
Regardless of the size of your net worth, we can help. Our attorneys have extensive experience drafting estate planning documents from the basic to the complex, always with a focus on achieving your business and personal planning goals. We collaborate closely with clients, so we are right there with you to create, develop and implement integrated and individualized estate plans and asset protection plans.
Estate & Trust Administration & Litigation
Our attorneys appear daily in the probate courts. Representing beneficiaries, executors, trustees and institutional clients, we administer estates and litigate disputes involving wills, trusts and guardianship estates. We provide counsel on all types of probate and the administration of guardianship and decedent estates and trusts, and advise on the tax ramifications involved in estates and trusts.
When it comes to real estate, Chuhak & Tecson attorneys enjoy a solid reputation for excellence built on decades of experience serving a broad base of Illinois clients ranging from buyers and sellers to landlords, tenants, lenders, developers, architects, space and land planners, building contractors, real estate brokers and syndicates, owners of historic structures and condominium and homeowner associations.
Tax & Employee Benefits
Tax laws and regulations are a maze – complex and confounding for the uninitiated. But with more than 30 years of experience guiding clients through tax and employee benefit matters, Chuhak & Tecson attorneys are masters of the fine art of navigating the Internal Revenue Code to minimize tax and thereby preserve assets – for individuals, families and their businesses.