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Nonprofit Obligations Under a Memorandum of Understanding

Learn what a memorandum of understanding is and when one should be used.

A memorandum of understanding (MOU) is an agreement between two (bilateral) or more (multi-lateral) parties. It expresses a convergence of will between the parties, indicating an intended common line of action. It is often used either in cases where parties do not imply a legal commitment or in situations where the parties cannot create a legally enforceable agreement. It is a more formal alternative to a gentlemen's agreement. Interagency or intergovernment MOUs are probably more prevalent than non-governmental MOUs. However, the concepts are the same. It is a major undertaking for a government to enter into a binding arrangement, thus they use nonbinding MOUs.

Runtime: 58 minutes
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Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Compare MOU and the Following

  • Contract
  • Letter of Intent
  • Partnership Agreement
  • Memorandum of Agreement
  • Term Sheet

When to Use a MOU

  • Pre-Contract
  • Modify (Not Amend) an Existing Contract
  • Interagency (Government)
  • In Lieu of a Partnership Agreement

Is a MOU Binding?

  • The Law
  • Litigation
  • Risks Associated With a MOU

Components of an MOU

  • Introduction
  • Recitals
  • Purpose of MOU
  • Term of MOU
  • Disclaimer of Binding Nature
  • Signatures

Examples of Institutional MOUs

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on August 27, 2020.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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  • Arizona CLE 1.0
     
  • CA MCLE 1.0
     
  • CT CLE 1.0
     
  • HI CLE 1.0
     
  • ME CLE 1.0
     
  • NJ CLE 1.2
     
  • NV CLE 1.0
     
  • VT CLE 1.0
     
  • WA CLE 1.0
     
  • WV MCLE 1.2
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Henry H. Raattama, Jr.

Henry H. Raattama, Jr.

Akerman LLP

  • Partner at Akerman LLP
  • Focuses on nonprofit organizations, higher education institutions, individuals, and families in complex tax, estate, and business planning matters
  • Chambers USA describes him as a leading nonprofit expert and notes his tremendous reputation
  • Frequent lecturer and author on tax matters and has been an adjunct professor in the Tax Master’s Program at the University of Miami College of Law
  • Member of the American College of Tax Counsel and The Florida Bar, where he is a past chair of its Tax Section and Tax Certification Committee
  • Active in the bar and community, he is a recipient of the Gerald T. Hart Outstanding Florida Tax Attorney, the James W. McLamore Miami-Dade County Volunteer of the Year Award, and Outstanding Professional Advisor, Miami-Dade County, Florida
  • Active member of the nonprofit community, having counseled many nonprofit organizations over the years and is involved with many charitable programs; he founded, and is currently a co-chair, of PhilanthropyMiami, whose participants include most of the nonprofit community in Miami Dade County
  • In addition to Chambers USA, he is a board certified tax lawyer by The Florida Bar Board of Legal Specialization and Education and recognized by Florida Trend as a legal elite tax attorney, The Best Lawyers in America, and other publications
  • LL.M. degree, New York University School of Law; J.D. degree, University of Florida Levin College of Law; B.S. degree, University of Florida; B.A. degree, University of Florida
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Product ID: 404629
Published 2020
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