[Koha] Next Foundation Meeting?
terrapin44 at yahoo.com
Wed Sep 30 07:11:32 NZDT 2009
--- On Tue, 9/29/09, MJ Ray <mjr at phonecoop.coop> wrote:
> > http://www.spi-inc.org/treasurer/associated-project-howto.html
> . "Your
> > Liaison may decide that your project is quitting SPI
> at any time. Any
> > assets and money held by SPI for your project may be
> transferred to the
> > 501(c)3 US non-profit of your choice, or simply held
> until expended."
> > Perhaps that is a legal constraint in the US for
> 501(c)3 organisations.
> I think I've been told that it is, but I have no reference
> for it.
As someone who was involved with the founding of a 501(c)3, I am almost definitely sure this is the case. You basically have two options when it comes to financial and other assets: You can give it to another 501(c)3 or give it to the US government. That is the part of the price of admission to be able to take advantage of the 501(c)3 status. In reality though, this might not be that big of deal. If you raise millions, maybe, but I am sure there would be ways to transfer things like a trademark to another non-501(c)3 organization, although it may involve a lawyer or two.
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