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 Yoschie99
nomad
  
Registered: 11/24/99
Posts: 3,064
Loc: center of earth
Last seen: 49 minutes, 45 seconds
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 anybody involved in Non Profits?
#8380963 - 05/09/08 07:29 AM |
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I would love to get a discussion going on the process of starting and running a Non Profit/Not for Proft.. from a fair trade organization up to an IRS recognized tax-exempt entity.
What are the real benefits? risks?
Is it possible to operate both a for-profit venture and NFP at the same time? can the NFP accept a portion of the proceeds from the for-profit as a donation?
These are the things i'm trying to get to in my reading right now.. and a ton more.
My goal of operating a buiness has grown and evolved into a pretty lofty, but I believe obtainable, goal of using the retail platform as a way to really make a long term difference in the world we live in. I feel as if there has been no more important time for action amongst all generations as there is right now... and that in a capitalist world, controlling money is perhaps the greatest available action you have. However, as an individual it's harder to make your money work like that. You can gain more respect and available pull as an organization that is aimed at changing something in the world.
Anyways.. has anyone here ever started their own NFP? or been involved in the starting and running of one, in some form?
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figurine
Cat Tamer
Registered: 05/24/07
Posts: 90
Last seen: 7 hours, 48 minutes
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You might want to look into IKEA's business model. The founder of the company "donated" his share to some charity dedicated to interior design in which he is on the board of directors. Notwithstanding, it's really a ploy to evade taxation, but it seems to exemplify what you're talking about to a degree. If you're interested, there's an article from 2006 in the Economist about it: http://www.economist.com/business/displaystory.cfm?story_id=6919139.
Anyway, for an organization to be tax-exempt, one must apply for exemption under one of the provisions of section 501 of the Internal Revenue Code. 501(c)(3) pertains specifically to charities, and it states:
Quote:
Corporations, and any community chest, fund, or foundation, organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, or to foster national or international amateur sports competition (but only if no part of its activities involve the provision of athletic facilities or equipment), or for the prevention of cruelty to children or animals, no part of the net earnings of which inures to the benefit of any private shareholder or individual, no substantial part of the activities of which is carrying on propaganda, or otherwise attempting, to influence legislation (except as otherwise provided in subsection (h)), and which does not participate in, or intervene in (including the publishing or distributing of statements), any political campaign on behalf of (or in opposition to) any candidate for public office. (http://www.fourmilab.ch/uscode/26usc/www/t26-A-1-F-I-501.html)
It is possible to simultaneously head a for- and non-profit organization. Section 501(c)(3) doesn't forbid this or even mention anything regarding it. The Bill and Melinda Gates Foundation is probably an example of this, as Bill Gates and Warren Buffet are both co-chairs of it, and I'm sure one of them is turning a dollar off of something.
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