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Nonprofit Obligations Under a Memorandum of Understanding

presented by Lorman Education Services
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Nonprofit Obligations Under a Memorandum of Understanding

Workshop Description/Agenda

Learning Objectives
Learning Objectives * You will be able to define memorandum of understanding. * You will be able to recognize when to use an MOU. * You will be able to identify if an MOU is binding. * You will be able to describe the different components of an MOU.

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 (multilateral) 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 gentlemens agreement. Interagency or intergovernment MOUs are probably more prevalent than nongovernmental 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.

Compare MOU and the Following
ï Contract
ï Letter of Intent
ï Partnership Agreement
ï Memorandum of Agreement
ï Term Sheet

When to Use a MOU
ï Pre-Contract
ï Modify (Not Amend) an Existing Contract
ï Interagency (Government)
ï In Lieu of a Partnership Agreement

Is a MOU Binding?
ï The Law
ï Litigation
ï Risks Associated With a MOU

Components of an MOU
ï Introduction
ï Recitals
ï Purpose of MOU
ï Term of MOU
ï Disclaimer of Binding Nature
ï Signatures

Examples of Institutional MOUs

Henry H. Raattama, Jr. with Akerman LLP

CLE (Please check the Detailed Credit Information page for states that have already been approved) ,CPE ,Additional credit may be available upon request.

Who Should Attend

This live webinar is designed for accountants, CPAs, executive directors, controllers, enrolled agents, tax managers, CFOs, CEOs, presidents and vice presidents, business owners and managers, board members, treasurers and attorneys.

Additional Information

Training Provider: Lorman Education Services

Course Topics: Law Training > Nonprofit/Exempt

Training Course Summary: Nonprofit Obligations Under a Memorandum of Understanding