Kingwood, TX (PRWEB) September 17, 2009
The American Association of Debt Management Organizations (AADMO) will feature a session by Jeff Tenenbaum, partner at Venable, at its Fall Conference about how credit counseling agencies can find and use income opportunities and possibilities as a tax-exempt organization.
According to Mark Guimond, Executive Director of the AADMO, "While many in the industry are not aware of this, the federal tax code permits tax-exempt organizations to earn income from activities wholly unrelated to their tax-exempt purposes, so long as they pay tax on that (net) income and the income remains "insubstantial" overall. However, tax-exempt credit counseling are unique in that they face prohibitions on certain activities under Section 501(q) of the tax code as well as under a number of state debt adjusting laws. Learn what is permissible and what is not, and come away with some innovative ideas to help boost your agency's bottom line."
The AADMO Fall Conference will be held at the Four Seasons Hotel in St. Louis, MO on October 26 & 27.
The AADMO Fall Conference will also feature the following sessions:
- Compliance with the New Law in Nevada
- The Regulation and Economics of Credit Counseling: Trends, Challenges and Opportunities
- Compliance with the New Law in Oregon
- Implications of the FTC's Telemarketing Sales Rule Proposed Amendments
- The Changes to New Jersey's Rules
- Compliance with the New Law in Tennessee
- Legislative Update & Review
- Industry Roundtable - Join with Your Colleagues to Discuss the Important Issues of the Day, Concerns, General IndustryChallenges and Solutions to Problems
- Review of State Laws with Regulators
- More to Come...
ABOUT JEFF TENENBAUM
Jeffrey Tenenbaum chairs Venable's Nonprofit Organizations Practice Group, as well as its Credit Counseling and Debt Settlement Industry Practice Group. He is one of the nation's leading nonprofit attorneys, and also is an accomplished author, lecturer and commentator on nonprofit legal matters. Based in the firm's Washington, D.C. office, Mr. Tenenbaum counsels his clients on the broad array of legal issues affecting trade and professional associations, charities, foundations, advocacy groups, and other nonprofit organizations, and regularly represents clients before Congress, federal and state regulatory agencies, and in connection with governmental investigations, enforcement actions, litigation, and arbitration.
Mr. Tenenbaum was the 2006 recipient of the American Bar Association's Outstanding Nonprofit Lawyer of the Year Award, the inaugural (2004) recipient of the Washington Business Journal's Top Washington Lawyers Award, the 2004 recipient of The Center for Association Leadership's Chairman's Award, and the 1997 recipient of the Greater Washington Society of Association Executives' Chairman's Award. He also was a 2008-09 Fellow of the Bar Association of the District of Columbia and is AV Peer-Review Rated by Martindale-Hubbell. He started his career in the nonprofit community by serving as Legal Section manager at the American Society of Association Executives, following several years working on Capitol Hill.
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.
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