I notice Congress is Fixing to Require More Disclosure from Health Care Non-Profits This YearSomervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


I notice Congress is Fixing to Require More Disclosure from Health Care Non-Profits This Year

11 February 2009 at 9:43:47 AM

In an article about how University of Pittsburgh Medical Center sold another company iGate, a 90 percent interest in a wholly owned, for -profit drug testing subsidiary, there was some interesting information about the whole issue of non-disclosure. When that sale was announced, there was no mention of the fact that the iGate chairman is also a UPMC board member.From TMC News.

A review of court and other public records shows that UPMC engaged in hundreds of transactions valued in the millions of dollars with for-profit enterprises tied to its board members. The review shows that the health care conglomerate has not provided details of those business relationships because, UPMC officials say, and outside experts agree, it is not required.

May not be required right now but it looks like that will change.

All that is about to change under requirements the Internal Revenue Service put into effect this year for reporting by nonprofits. They are required, starting with filings for 2008, to provide detailed information on transactions with board members and their affiliates. Even more disclosure from health care nonprofits will be required next year...

The IRS rules, which the agency called a needed update, follow widespread criticism, especially from members of Congress, about lack of disclosure by nonprofits, particularly those in the health care field.

IRS Commissioner Don Shulman, in announcing the changes, said they "will give the IRS and the public a much better view of how exempt organizations operate."

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