This may be old news, but just in case:  In browsing the current issue
of Modern Healthcare (May 14, 2007, p. 16) there is a short piece
titled:  "IRS to dig into bond records".  The article notes that:

The Internal Revenue Service is following through with a plan to survey
charities that access the pubic bond markets on their record retention
policies, an issue that is especially worrisome for hospitals that have
refinanced their debt over long periods of time.



The purpose of the audit would be to keep track of how bond proceeds are
spent.  It could be ugly if new bonds were issued to refinance old
bonds, which refinanced older bonds, etc.  

Barbara J. Niss
Mount Sinai Archives
Levy Library, Box 1102
1 Gustave L. Levy Place
New York, NY 10029-6574
(212) 241-7239
(212) 831-2625 (fax)
 

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