[Foundation-l] bylaws (second call)

[Jeffrey V. Merkey]

Jeffrey V. Merkey wrote:

>Ray Saintonge wrote:
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>>Jeffrey V. Merkey wrote:
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>>>Ray Saintonge wrote:
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>>>>The one characteristic that is unique to a charitable foundation is that 
>>>>it distributes funds to others, and does not primarily perform the 
>>>>charitable works itself.  In Canada charitable designation is a federal 
>>>>matter, and is in addition to whatever is done to constitute the 
>>>>organization.  It may be based on formal incorporation, an irrevocable 
>>>>trust or an unincorporated organization.  
>>>>
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>>>Churches are non-profits in the US as well and can use the funds for 
>>>internal expenses. In fact, most religious organizations don't 
>>>distribute monies at all
>>>and they are all consumed in-house in programs supporting their 
>>>organizations . They have whatever rules they wish for members and they
>>>are not regulated. Our Corporation Sole by laws are a single page and 
>>>simply state the corporation has the rights to acquire assets and real 
>>>property
>>>and receive funds and dispose of them how it wishes. It varies state by 
>>>state, but Utah is pretty open on how non-profits can operate. There just
>>>cannot be and co-mingling of personal funds with non-profit monies.
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>>To avoid a misunderstanding there is a distinction made in Canadian law 
>>between charitable foundation and charitable organization.  What you 
>>describe is more characteristic of a charitable organization.
>>
>>Ec
>>
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>In most US States, they can operate just about any way they want (except 
>they cannot divert or co-mingle personal monies). There are Corporation 
>Soles and Non-Profit Corporations. What you name them doesn't matter. 
>The IRS and most states stopped granting Corporation Sole status to new 
>entities about 2004 due to a wave of tax fraud that swept the US with 
>individuals creating Corporation Soles and diverting personal assets to 
>dodge Income Tax, but some states still allow them for legitimate 
>organizations. Utah banned any new ones after 2004. Ours was formed in 
>2001 so we still have it. One nice thing about a Corporation Sole is you 
>are not required to ever file an annual report in Utah -- ever.
>  
>

And all of your finanacial records are immune from Subpoena except from 
the State legislature. The Mormom Church is
also a Corporation Sole.

Jeff


>Jeff
>
>
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