Re: [sudo-discuss] [omni-discuss] Benefit Corporation?

I'd always been told that a non profit can sell things and rent out things as long as its within the purpose as filed with a 501c3 application. The Omni's (abridged) legal purpose is to educate, do science, fight oppression, and operate property to facilitate that. If there's an A/V group that wants to put on badass professional shows while simultaneously /teaching/ people how to put on badass professional shows (like a vocational school, for example), thats legit, right? If not, could the purpose be legally amended to accommodate a new goal somehow? "fostering oakland culture" or something just nebulous enough to pass the IRS. I'm not a tax lawyer, don't know any, and have not been party to what sounds like a very thorough discussion group so I hope someone tells me why I'm a fool. On Friday, November 06, 2015 10:09:16 PM yar wrote: wrote: >> Is not making money an implicit attribute of being a Non Profit or >> something? > Sort of. You can make money, but most of it has to be from charitable > donations. There's complicated math about exactly how much - at least > 60%, but for large donations only the first $5k counts towards the > total, it's based on a 4-year average, etc etc etc. The more > non-charitable income you get, the more you have to worry about that > stuff, and there's incentive to structure as much income as you can as > "donations". The fundraising working group has been working for months > on this, and the plan is for many member collectives to become > fiscally sponsored by Omni, and all their members' payments to be > called donations instead of dues. Most events that we do in the > ballroom are educational, and collecting door money could fit into a > donations framework pretty easily. > > > _______________________________________________ > discuss mailing list > discuss(a)lists.omnicommons.org > https://omnicommons.org/lists/listinfo/discuss