Time to talk about GIK issues again

In the midst of a discussion of GIK valuation issues in December and January that I thought was taking place within the nonprofit community, news surfaced that the IRS had finished an audit which identified major concerns about the same issue.  I discussed that here and here.

I’ve held off on more discussion to see how many more shoes were going to drop.  Haven’t been too many – the Better Business Bureau and Charity Navigator are paying attention.

Since Food for the Hungry has retained very capable counsel, that means their audit is heading towards argument in the legal arena.  That means we won’t be hearing anything about them for a while.  There may be another IRS audit going on out there somewhere, but no news has surfaced about that.

So, I guess it’s time to dip my toes back into the GIK waters.  Hope they don’t get bit off.

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