Perspectives on Nonprofits & Associations

On April 3, 2023, the United Kingdom Financial Conduct Authority (UK FCA) announced a final decision on the transition of US Dollar London InterBank Offered Rate (USD LIBOR).

With USD LIBOR expected to end on June 30, 2023, there are numerous legal and financial implications to consider, especially as the pace of remediation of leveraged loans (and other commercial loans) needs to progress further according to the Alternative Reference Rates Committee (ARRC).

Please join Eva Pulliam, ArentFox Schiff Partner and AFSCRE* Founding Board Member, as she speaks with Clint Smith, author of How the Word Is Passed: A Reckoning with the History of Slavery Across America.

Many nonprofits are presented by lenders with an option to enter into an interest rate swap or cap when pursuing long-term financing or modifications to existing long-term financing.

Fashion Counsel

Last year, the United Kingdom Financial Conduct Authority (UK FCA) announced the following:
- ‘Zombie’ USD LIBOR for proposed use from July 1, 2023, through September 30, 2024, except for cleared derivatives
- 1-Month and 6-Month ‘Zombie’ Sterling LIBOR to cease on March 31, 2023

Nonprofits & Associations Industry Group Co-Leader Sean Glynn and Associate Dan Jasnow will present about metaverse considerations for the nonprofit sector at the 2022 Greater Washington Society of CPAs (GWSCPA) Nonprofit Symposium on November 17.

Harvard University must pay its own defense costs in the ongoing legal challenges to its affirmative action program after losing a battle with its insurance carrier, Zurich American Insurance Company (Zurich).

The death of the London InterBank Offered Rate (LIBOR) in the US may involve its coming back to life through ‘Zombie’ LIBOR.

The Internal Revenue Service (IRS) recently published a new Technical Guide for tax-exempt 501(c)(6) trade associations, business leagues, chambers of commerce, real estate boards, and other organizations exempt from federal taxation under IRC 501(c)(6). The new guide is part of an ongoing effort.

ArentFox Schiff LLP secured a victory on behalf of University of Kansas professor Feng “Franklin” Tao in a closely watched case involving allegations of wire fraud and false statements.

In this LIVE Webcast, Les Jacobowitz, a prolific speaker and author on the impact of the LIBOR transition, will present a timely and engaging discussion of the LIBOR transition and surrounding key issues.

On August 16, 2022, the Internal Revenue Service issued a final regulation on its ability to provide state governments with information regarding organizations seeking to become exempt and those already exempt from federal income taxation under Section 501(c) of the Internal Revenue Code.[1]

Join Matthew Nolan for the 12th SIPS Symposium on Sustainable Development.

ArentFox Schiff is pleased to announce that 121 attorneys have been recognized by The Best Lawyers in America 2023, with an additional six attorneys highlighted as “Lawyers of the Year” and 40 attorneys listed as “Ones to Watch.”

The Metaverse stands to disrupt nearly every industry – fashion, media and entertainment, real estate, sports, the list goes on – presenting immense possibilities and potential risks. We have created the ArentFox Schiff Industry Guide to the Metaverse to answer questions and anticipate concerns.

The Metaverse offers broad opportunities for trade associations to expand their reach and enhance member experiences like never before. These new and exciting possibilities, however, come with unique challenges. This alert gives a brief overview of the Metaverse and highlights a few key benefits.

The Metaverse is widely regarded as the next frontier in digital commerce, with organizations spending millions of dollars securing a presence by buying digital real estate and investing in platforms to be market leaders.

The Ohio State University has successfully obtained a trademark registration for the word “THE,” which has been the university’s moniker and rallying cry at sporting events for decades. The trademark registration covers “clothing, namely, t-shirts, baseball caps and hats.

If yours is one of the many companies considering new employment incentives, enhanced benefits, and retention bonuses, you should also consider taking another look at your non-compete covenants at the same time. They might already be outdated and unenforceable.

The US Supreme Court – once again – sided with advocates of the First Amendment in a decision striking an unconstitutional limit on campaign speech. 

Directors owe fiduciary duties to the company. To make informed decisions and satisfy those fiduciary duties, directors generally have broad access to the company’s books and records, with a few exceptions.

Many brands have taken steps to proactively protect their intellectual property rights for use in connection with metaverse-related goods and services. This may include filing new trademark registrations or purchasing blockchain domains. But enforcing those rights poses a significant challenge.

To the extent a party believes it is disadvantaged by the Federal Law, the only alternatives are: (i) passage of ameliorating Federal legislation or (ii) modification of industry-standard contracts to address the adverse impacts of the Federal Law.

Associate Megan Daily will present as part of the DC Bar Pro Bono Center and the Center for Nonprofit Advancement’s online seminar series, “Understanding the Fundamentals of Nonprofit Organizations: An 8-Part Business Law Course For Nonprofit Leaders.”