Working Group On Legal Opinions Foundation
- Assets
- $1.0m
- Revenue
- $231.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Wilmington, DE
- Founding
- 09/2014
- Data as of
- 06/2023
- EIN
- 46-4342171
Organization Overview
Working Group On Legal Opinions Foundation is located in Wilmington, DE. The organization was established in 2014. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Working Group On Legal Opinions Foundation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2023, Working Group On Legal Opinions Foundation generated $231.1k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.8%) each year. All expenses for the organization totaled $175.4k during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (0.8%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION IS TO BRING TOGETHER ALL CONSTITUENCIES CONCERNED WITH GIVING AND RECEIVING LEGAL OPINIONS IN ORDER TO FOSTER A NATIONAL OPINION PERSPECTIVE, BROADEN THE CONSENSUS THAT EXISTS AND PROVIDE A CONTINUING FORUM FOR DISCUSSION OF OPINION ISSUES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
A. SEMINAR - THE FALL 2022 AND SPRING 2023 SEMINARS OF THE WORKING GROUP ON LEGAL OPINIONS FOUNDATION ("WGLO") HAD BROAD AGENDAS. PROGRAMS OF NOTE INCLUDED: (1) WHAT'S NEXT FOR THE STATEMENT OF OPINION PRACTICES; (2) CURRENT ISSUES BEARING ON ENFORCEABILITY OPINIONS; (3) TRIBAR SPECIAL REPORT ON RISK ALLOCATION OPINIONS; (4) TOWARD CONSENSUS: RECONCILING COMMERCIAL AND REAL PROPERTY OPINION PRACTICE; (5) CURRENT ISSUES BEARING ON NEGATIVE ASSURANCE LETTERS; (6) RECENT OPINION DEVELOPMENTS; (7) TAKEAWAY: OPINION RISK AND SECOND PARTNER REVIEW; (8) DRILLING DOWN ON DIGITAL ASSETS UNDER THE UCC; (9) CURRENT ETHICS ISSUES RELATING TO OPINIONS; (10) THE ROLE OF EXPERTS AND THE USE OF OPINION LITERATURE IN LITIGATION; (11) TAX OPINIONS ARE DIFFERENT: GUIDANCE FOR TRANSACTIONAL LAWYERS; (12) SECURITIES LAW OPINION ISSUES: UNDERWRITING AGREEMENT OPINIONS AND LEGEND REMOVAL OPINIONS IN PIPES AND OTHER CONTEXTS; (13) CURRENT AUDIT LETTER PRACTICE; (14) TAKEAWAY: OPINION LETTERS THAT AFFECT CONTRACT RIGHTS - ANOTHER WAY TO LOOK AT THE WILLIAMS AND BANDERA CASES; (15) CURRENT PRACTICE TRENDS: INSIGHTS FROM THE 2019 SURVEY OF LAW FIRM OPINION PRACTICES; AND (16) FORMS OF LEGAL ADVICE AND COMFORT: OPINIONS, MEMORANDA, ETC.
B. WEBINARS - WGLO CONDUCTED TWO WEBINARS DURING THE YEAR. THE TOPICS WERE: (1) REVIEWING THE 2022 AMENDMENTS TO THE DELAWARE GENERAL CORPORATION LAW AND ALTERNATIVE ENTITY ACTS FROM A PRACTITIONER'S PERSPECTIVE; AND (2) OUT OF THE FIRE SWAMP: WHAT THE REVERSAL OF BANDERA MEANS FOR LEGAL OPINIONS.
SEMINARS - WGLO CONDUCTS SEMINARS ON QUESTIONS RELATING TO THIRD PARTY LEGAL OPINION PRACTICE AND RELATED AREAS. ATTENDANCE IS ORDINARILY ABOUT 125. MEMBERS ARE ENTITLED TO DESIGNATE ONE ATTENDEE FOR EACH SEMINAR. WGLO'S MEMBERSHIP INCLUDES LAW FIRMS, BAR ASSOCIATIONS AND OTHERS INTERESTED IN LEGAL OPINION PRACTICE IN BUSINESS LAW, REAL ESTATE, MUNICIPAL BOND, INTERNATIONAL, TAX AND OTHER AREAS FROM ACROSS THE COUNTRY. AS A RESULT, THE WGLO SEMINARS PROVIDE A PROPER SETTING TO DEBATE SIGNIFICANT ISSUES INVOLVING LEGAL OPINION PRACTICE.EDUCATION ABOUT LEGAL OPINION PRACTICE IS CENTRAL TO WGLO'S MISSION. THERE ARE NO NATIONAL EDUCATIONAL PROGRAMS FOR LEGAL OPINION PRACTICE, ALTHOUGH SPECIALIZED PROGRAMS ARE PRESENTED FROM TIME TO TIME BY BAR ASSOCIATIONS, LAW FIRMS AND OTHERS. OUR PROGRAMS HAVE INCLUDED, IN 2014, A BOOT CAMP PROGRAM OF WGLO AIMED AT YOUNGER LAW FIRM OPINION COMMITTEE MEMBERS. DURING FISCAL YEAR 2023, WGLO COMMENCED PLANNING FOR A SUCCESSOR PROGRAM TO THE BOOT CAMP, WHICH PROGRAM COULD BE AIMED AT A DIFFERENT AUDIENCE, HAVE A DIFFERENT AGENDA, AND BE HELD IN A DIFFERENT FORMAT.JOINT COMMITTEE WITH ABA/BLS - WGLO IS CONCERNED WITH BROADENING THE CONSENSUS THAT EXISTS ABOUT LEGAL OPINION CUSTOMARY PRACTICE. IN THAT REGARD, WGLO HAS BEEN ENGAGED IN A JOINT PROJECT WITH THE LEGAL OPINIONS COMMITTEE OF THE BUSINESS LAW SECTION OF THE AMERICAN BAR ASSOCIATION. THAT PROJECT HAS PRODUCED A STATEMENT OF OPINION PRACTICES AND RELATED CORE OPINION PRINCIPLES WHICH HAS BEEN APPROVED BY MANY BAR ASSOCIATIONS AND OTHER LAWYER GROUPS. WGLO AND THE AMERICAN BAR ASSOCIATION ARE CONTINUING THIS PARTNERSHIP AND ARE STUDYING POTENTIALLY EXPANDING THE STATEMENT OF OPINION PRACTICES TO ADDRESS ADDITIONAL TOPICS.WGLO AS INCUBATOR - WGLO ATTENDEES ARE LEADERS OF LEGAL OPINION PRACTICE NATIONALLY. IN PARTS OF THE SEMI-ANNUAL SEMINAR PROGRAMS, ATTENDEES MEET TO DISCUSS ISSUES OF COMMON INTEREST IN SMALLER GROUPS. THESE GROUPS SOMETIMES DECIDE TO TAKE ADDITIONAL STEPS TO HELP THE LEGAL OPINION COMMUNITY DEAL WITH A SPECIFIC PROBLEM OR APPROACH. WGLO FOSTERS THESE GROUPS SINCE THE STEPS THEY TAKE, WHICH MAY INCLUDE PUBLISHING, INCREASE AND STRENGTHEN OPINION UNDERSTANDING AND THE OPINION LITERATURE. IN ADDITION WGLO, IN CONJUNCTION WITH ITS SEMINAR PROGRAM, HAS SPONSORED PROGRAMS AND SESSIONS THAT HAVE RESULTED IN A SERIES OF ARTICLES PREPARED BY SEMINAR ATTENDEES. AT LEAST ONE OTHER GROUP OF WGLO ATTENDEES IS WORKING ON A SPECIFIC PROJECT REGARDING LOCAL COUNSEL OPINION PRACTICE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy G Hoxie President And Board Chair | OfficerTrustee | 5 | $0 |
Andrew M Kaufman Immediate Past President | OfficerTrustee | 5 | $0 |
Gail Merel Vice President And Editor | OfficerTrustee | 5 | $0 |
Reade H Ryan Jr Vice President And Secretary | OfficerTrustee | 5 | $0 |
William A Yemc Vice President And Treasurer | OfficerTrustee | 5 | $0 |
Louis G Hering Vice President | OfficerTrustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $226,500 |
| Investment income | $4,591 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $231,091 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $57,600 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,225 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $6,106 |
| Information technology | $11,386 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $13,308 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $79,232 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,516 |
| All other expenses | $0 |
| Total functional expenses | $175,373 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $377,791 |
| Savings and temporary cash investments | $649,532 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $8,158 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,035,481 |
| Accounts payable and accrued expenses | $17,560 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $17,560 |
| Net assets without donor restrictions | $1,017,921 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,035,481 |