By Elizabeth Manchester, Russell Stein, Brian Reilly, and Madeline Ursini OpenAI, an artificial intelligence research nonprofit, has recently garnered media attention for considering a restructuring strategy involving the formation of a taxable subsidiary. The establishment of for-profit taxable subsidiaries by nonprofit organizations qualified as tax-exempt under Internal Revenue Code (“IRC”) Section 501(c)(3)[1] has been a...

By Elizabeth O. Manchester, Russell J. Stein, and Kelley J. O’Donnell The Massachusetts legislature and Governor Healey recently passed into law An Act Relative to Strengthening Massachusetts’ Economic Leadership (the “Act”)[1].  The Act provides significant changes in the nonprofit space which will alleviate financial reporting requirements for small and mid-sized Massachusetts nonprofits as well as...

Challenges to Race-based Initiatives Continue: Fearless Fund Settles Yearlong Suit with the American Alliance for Equal Rights, Ending the Strivers Grant Contest for Women of Color Business Owners By Elizabeth O. Manchester and Kelley J. O’Donnell Fearless Fund is a venture capital fund supporting minority business owners, particularly women of color.[1]  [Fearless Foundation is a...