Vicky Tsilas

Washington, DC

Vicky Tsilas focuses on the tax aspects of tax-exempt and tax-credit bond transactions and issues related to tax exempt organizations. She represents nonprofit organizations as borrowers and state and local governments as bond counsel in tax-exempt bond financings. She also has extensive experience representing clients in IRS audits of tax-exempt bond financings involving hospital systems and universities. In addition to her private practice experience, Vicky has served in the highest legal positions overseeing tax-exempt bonds at the U.S. Treasury Department and IRS Chief Counsel’s Office as Branch Chief of the Tax-Exempt Bond Branch. Vicky also has been in involved in New Market Tax Credit financings representing different parties in the transactions.

Vicky advises a wide range of nonprofit clients including colleges, universities, hospitals, and foundations, as well as various public charities, on tax exempt organization issues ranging from unrelated business income to joint ventures between nonprofit and for-profit entities and post-issuance compliance responsibilities. She is a frequent contributor to "The Exempt Organization Tax Review" and has been a speaker at the Georgetown University Exempt Organization Conference.

Professional Highlights

Pro Bono Experience

Vicky has served on Ballard Spahr’s Pro Bono Committee and is a recipient of the Ballard Spahr Pro Bono Award for Outstanding Legal Services to the Poor.

Professional Activities

American Bar Association, Tax Exempt Financing Section

National Association of Bond Lawyers (NABL)

District of Columbia Bar Association

New Jersey State Bar Association

New York Bar Association

Recognition & Accomplishments

Chief Counsel Performance Award 2017

Treasury Department Performance Award, 2013

Chief Counsel Performance Award, Tax-Exempt Bond Focus Group, 2005

Ballard Spahr Pro Bono Award for Outstanding Legal Services to the Poor

Speaking Engagements

Vicky is a frequent speaker at the annual NABL Bond Attorneys' Workshops, NABL Tax and Securities Law Institute and ABA Tax-exempt Financing Section meetings. Her recent speeches include:

Panelist, "Calculating Private Business Use," National Association of Bond Lawyers, The Institute March 2021

Steering Committee member and Chair of IRS Enforcement Panel, National Association of Bond Lawyers, The Workshop, September 2019-2020

"Tax Hot Topics," Pennsylvania Bond Lawyers Annual Seminar, May 2019


Co-author, "ABC's of Arbitrage," American Bar Association, 2018

Co-author, "P3 Projects and Tax-Exempt Bond Financing: How Does the Puzzle Work?" Municipal Finance Journal, Vol. 37, No. 1, 2016

Co-author, "Why Your Organization Should Care About the Final Allocation and Accounting Regulations for Bond Financed Facilities," The Exempt Organization Tax Review, Vol. 77, No. 4, April 2016



Georgetown University Law Center (LL.M. Taxation)
Editorial Staff, Tax Notes magazine

Fordham University School of Law (J.D.)
Staff Member, Fordham Environmental Law Reporter
Recipient, Moore McCormack Award
Editorial Assistant, Lloyd's Maritime Newsletter

Bryn Mawr College (B.A.)
Dana Internship and MacArthur Grant


Fluent in Greek and French


District of Columbia

New Jersey

New York