Bond has been engaged in public finance for almost 30 years. The firm is included in the "Redbook" (i.e., the "The Bond Buyer's Municipal Marketplace") as nationally recognized bond counsel. In recent years we have issued approving opinions on more than $1 billion of bond and note issues. Our attorneys are active members of the National Association of Bond Lawyers, have acted as panelists in seminars conducted by the Association, and have participated in projects conducted by the New York State Bar Association's Tax Section.
Tax-Exempt Status
Bond has been engaged in public finance for almost 30 years. The firm is included in the "Redbook" (i.e., the "The Bond Buyer's Municipal Marketplace") as nationally recognized bond counsel. In recent years we have issued approving opinions on more than $1 billion of bond and note issues. Our attorneys are active members of the National Association of Bond Lawyers, have acted as panelists in seminars conducted by the Association, and have participated in projects conducted by the New York State Bar Association's Tax Section.
Tax-Exempt Status
Bond has extensive experience supporting universities and colleges in their receipt of charitable gifts, including:
- Drafting and negotiating all kinds of gift agreements, ranging from common but crucial gifts made in support of scholarships, programs, facilities, and professorships to transformational gifts in excess of $100 million (and everything in between);
- Counseling on the innumerable legal and practical issues surrounding charitable giving and the University’s development function, including developing and maintaining endowment funds, and the investment, management and spending of endowment and other restricted funds under the New York Prudent Management of Institutional Funds Act (NYPMIFA);
- Advising on multi-state charitable solicitation law compliance;
- Counseling institutions on modification of donor restricted funds through the exercise of variance power, with donor consent, or by petition for approval of modification by a court and/or Office of the Attorney General; and
- Providing advice on receipt of funds from estates and trusts, including review of related fiduciary accountings.
Bond routinely counsels dozens of higher education clients on matters related to tax-exempt status and Unrelated Business Income Tax (UBIT) through its exempt organizations practice, which includes attorneys with CPA licenses and master of laws degrees (LLMs) in tax. The following are some examples:
- Providing advice on the formation and administration of tax-exempt and taxable subsidiary entities for a wide variety of institutional purposes, including vehicles for acquisition and operation of real property for related and unrelated uses, for development of dormitory and housing facilities, as vehicles for merger and acquisition activity, and for purposes of entering into partnerships and joint ventures with for-profit entities;
- Advising on UBIT issues associated with treatment of income generated from real estate use agreements (leases and licenses), including unrelated debt financed income and income from ancillary services;
- Providing counsel on tax-exempt bond compliance implications of a variety of activities, including “private business use” issues implicated by agreements with food service, facilities, bookstore and pouring rights vendors, as well as intercollegiate athletics business operations;
- Addressing all kinds of employee-related tax issues, including remote work issues for both domestic and foreign-based employees; and
- Assisting with wage withholding, reporting, and payroll correction issues.
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