Converting Your Tax-Exempt Nonprofit Credit Counseling Agency to a Taxable Nonprofit or For-Profit: Options, Pitfalls and Solutions

Share Article

Jeff Tenenbaum, the American Bar Association's recent "Outstanding Nonprofit Lawyer," will be a featured speaker at the AADMO Fall Conference addressing the legal issues that credit counseling agencies must know and consider if they are to convert a tax-exempt agency to a for-profit agency.

Jeff Tenenbaum, the American Bar Association's recent "Outstanding Nonprofit Lawyer", will be a featured speaker at the American Association of Debt Management Organizations' (AADMO) Fall Conference in Savannah, GA on October 22, 2008.

Mr. Tenenbaum's presentation will address the legal issues that credit counseling agencies must know and consider if they are to convert a tax-exempt agency to a for-profit agency.

Mr. Tenenbaum, partner at the Venable law firm, was recognized by Who's Who in American Law in 2005 and by the Washington Business Journal as a "Top Washington Lawyer" in 2004. In the nonprofit community, he was awarded the distinguished "Chairman's Award" from GWSAE in 1997 and from the Center for Association Leadership in 2004.

"For an industry about to go through a major transformation from tax-exempt to taxable non-profit and for-profit, credit counseling agencies are fortunate to have the knowledge and expertise of Jeff Tenenbaum available at the AADMO Fall Conference", said Mark Guimond, Executive Director of the AADMO.

"Any credit counseling agency that is thinking of converting to a for-profit organization will need to know the information the Jeff Tenenbaum will present", added Guimond.

The AADMO Fall Conference will also feature the following sessions:

  • "The Regulation of Credit Counseling - The Impact and Relevancy of Tax-Status": A Panel Discussion by State Regulators
  • Document Retention Compliance Systems
  • Electronic Signatures - What You Need to Know
  • Money Transmitters - "For-Profit" Credit Counseling's New Challenge
  • CROA - Implications and Realities for Credit Counseling
  • Legislative Update & Review
  • Review of State Laws with Regulators
  • EOUST Briefing and Update on Bankruptcy Reform Credit Counseling and Debtor Education
  • 5 Simple Steps That Credit Counseling Agencies Can Take to Comply with Telemarketing Laws

The AADMO Fall Conference program and registration information may be found at http://www.AADMO.org.

About AADMO
AADMO is the largest trade association for the credit counseling and debt management industry. Nationwide, the majority of licensed and legally operating credit counseling agencies are members of AADMO.

AADMO is an industry education and advocacy organization the mission of which is to promote and ensure the continued operation and viability of credit counseling and debt management organizations.

AADMO members are consumer credit counseling agencies, debt management organizations, credit counselors, personal finance educators, credit and debt information educators, bankruptcy pre-filing counselors, bankruptcy pre-discharge educators, consumer lawyers and many others.

AADMO is the only trade association to have held state law compliance workshops with the New York State Banking Department and the California Department of Corporations upon enactment of their respective laws governing credit counseling. AADMO is also the only trade association for the industry to publish a formal summary of state laws that has been reviewed by state regulators.

For more information visit http://www.AADMO.org or call 281-361-2325.

# # #

Share article on social media or email:

View article via:

Pdf Print

Contact Author

MARK GUIMOND
AADMO
281-361-2325
Email >
Visit website