September 23, 2014 - 2:00 PM - 3:00 PM ET

"Cross-Border Money Transfers: Key Requirements and Pitfalls Every U.S.-Based Nonprofit Needs to Know," Webcast for the Association of Corporate Counsel

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Update: This event has already occurred. Please click here to listen to a recording of this presentation (free registration required), click here to view presentation materials from the event, and visit our Venable LLP Nonprofit YouTube channel to listen to and view all of our recorded webinars on nonprofit legal topics.

The expansion of activity -- including financial transactions -- by U.S.-based nonprofits overseas continues to expand, raising a complex host of U.S. and foreign regulatory, tax and other issues. These international financial transactions are subject to an array of requirements, the failure to follow which can pose very significant risks to U.S.-based nonprofits. This webcast -- led by two Venable attorneys who work extensively with nonprofits and others in this area -- will cover topics such as:

  • Foreign exchange controls
    • Scrutiny of foreign funding of U.S.-based nonprofits; requirements for domestic entities receiving funding from abroad
    • Banking controls and accountability, including challenges to having nonresidents as signatories on local currency bank account
  • Cash transaction risks and procedures
  • Office of Foreign Assets Control (OFAC) licensing requirements for U.S. nonprofits making payments to persons in foreign countries subject to sanctions
  • Recent sanctions against Russia
  • Taxation and information reporting requirements
  • Transfer pricing issues
  • Differences between local country accounting rules and U.S. accounting rules

Ona Alston Dosunmu, Esq., General Counsel, The Brookings Institution

Lindsay B. Meyer, Esq., Co-Managing Partner and Co-Chair of the International Trade Practice, Venable LLP

Charles K. Kolstad, Esq., Counsel, Tax Group, Venable LLP, Los Angeles, CA