Contact: Shannon O'Hara, Senior Associate and Nadia Stacey, Graduate Lawyer; Carter Newell (Queensland, Australia)
In January 2014, we reported on the Australian Government’s Aviation Safety Regulation Review (review). Following receipt of some 269 formal submissions, and meetings with over 200 individuals,1 the Review Panel (Panel) released their report (Report) on 30 May 2014. The Report (which runs to some 161 pages) includes 37 recommendations for change across four key areas.
This newsletter provides an overview of the observations and recommendations for changes set out in the Report.2 Readers wishing to review the complete Report can do so via the following link: https://www.infrastructure.gov.au/aviation/asrr/files/ASRR_Report_May_2014.pdf
Contact: Jack Horak; Reid and Riege P C (Connecticut, USA)
In this issue we will discuss two topics. The first concerns pending changes in the way auditors present endowment funds on nonprofit financial statements. While this subject may sound overly technical, its implications are significant and it behooves nonprofits and their donors to understand the issue. Second, we will discuss a recent jury verdict finding the directors and officers of a failed nonprofit personally liable to the nonprofit's unpaid vendors. This case is interesting because the jury parsed the difference between negligent board conduct (no liability) and reckless board conduct ($5,750,000 of liability).