[CIMC-work] another good update on $= ((i))

[Garth Liebhaber]

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From: deva <drdartist at riseup.net>
Sent: Mon, 21 Jun 2004 11:00:56 -0700
To: imc-us-process at indymedia.org
CC: imc-unity at indymedia.org
Subject: Re: [imc-us-process] Definition of nonprofit, not-for profit


So indymedia crafts this quite lovely principles of unity document 
which is a work in progress vision for a better way of doing things, 
but when it comes to money abdicates any attempt and falls back on 
standard blahblahblah legalese which is routinely abused and often 
unethical.

To me this represents an example of how money has people in its grip. 
Money and the structures it imposes have defined indymedia, rather than 
other way round. I believe it is vital that the need to decolonize our 
minds in regards to money be taken more seriously.

This is a fruitful discussion for me. It is giving me impetus to look 
more closely at this and has spurred me to propose new ideas to be 
added to the Portland IMC Principles of Unity. We need to have the 
vision to define our relationship to money, not let it define us. 
Otherwise we are slaves to it. I also believe we need to embrace the 
concept of sustainability, and recognize our responsibility to make 
intelligent use of resources.

Thanks for  taking the time to reply...
deva






On Jun 21, 2004, at 6:54 AM, Ana Nogueira wrote:

>
> In brief, nonprofit or not-for-profit means that any income that is
> generated goes to operating costs, which includes everything from rent 
> to
> payroll, even growth. What it cannot go to is the pockets of 
> shareholders or
> CEO's. If profit is made (profit = above and beyond operating expenses 
> which
> can include payroll) it goes back into the organization. In other 
> words, its
> goal is sustain and build the organization, not to be played with on 
> the
> stock market. Its a very specific economic term.
>
> See below for more detail
>
> http://www.wordiq.com/definition/Non-profit_organization
>
> A non-profit organization (often called "non-profit org" or simply
> "non-profit" or "not-for-profit") may be a formal incorporated
> not-for-profit corporation that does not have shareholders, though it 
> may
> have members and issue membership certificates or require member 
> loans. It
> may also be a trust or association of members. The organization may be
> controlled by its members who elect the Board of Directors or Board of
> Trustees. Not-for-profit organizations may have a delegate structure to
> allow for the representation of groups or corporations as members. It 
> may be
> a non-membership organization and the board of directors may elect its 
> own
> successors. It may have a tax exempt status or it may be a de-facto 
> group of
> individuals operating for a common purpose. For example, it may 
> comprise a
> voluntary group of individuals who are dedicated to developing an open
> content online encyclopedia, that allows any member of the public who 
> has
> access to an internet connection and a world wide web browser to make a
> contribution of knowledge, information, editing, formatting, or 
> programming
> skills.
>
> Such "organizations" are often charities or service organizations; 
> they may
> be organized as a not-for-profit corporation or as a trust, a 
> cooperative or
> they may be purely informal. Sometimes they are also called 
> foundations, or
> endowments that have large equity funds. Most foundations give out 
> grants to
> other not-for-profit organizations, or fellowships to individuals. 
> However,
> the name foundation may be used by any not-for-profit corporation -- 
> even
> volunteer organizations or grass roots groups. A non-profit 
> organization may
> be a very loosely organized group such as a block association, or a 
> trade
> union, or it may be a complex structure such as a university, hospital,
> documentary film production company or educational book publisher.
>
> Most jurisdictions have laws governing the setting up, running, and
> reporting requirements of these organizations. In many aspects they are
> similar to business entities though there are often significant 
> differences.
> Both non-profit and for-profit entities must have board members, 
> steering
> committee members, or trustees who owe the organization a fiduciary 
> duty of
> loyalty and trust.
> U.S. laws on non-profit organizations
>
> The organization's (a) charter — if a not-for-profit corporation — or 
> (b)
> trust instrument — if a trust — or (c) articles of association — if an
> association — <b> must specify that no part of its assets shall 
> benefit any
> of persons who are members, directors, officers or agents (its 
> principals)
> for it to qualify for tax exempt status. As well the organization must 
> have
> a legal, charitable purpose, i.e. the organization must be created to
> support educational, religious, or charitable activities. These 
> elements do
> not mean that the organization cannot pay employees or contractors for 
> work
> or services they render to the organization. This limitation means 
> that as
> long as the organization operates within its exempt purposes and it
> maintains an endowment or uses any excess revenue to further develop 
> its
> activities it will not be taxed by the Internal Revenue Service.</b>
>
> Such a surplus — that is, whatever part of its income is left after its
> operating expenses are paid — which might be considered similar to 
> "profit"
> — must be spent on the charitable or public purpose(s) for which it was
> organized, not paid as a dividend or benefit to anyone associated with
> running or organizing it.
>
>
>
>
> _______________________________________________
> imc-us-process mailing list
> imc-us-process at lists.indymedia.org
> http://lists.indymedia.org/mailman/listinfo/imc-us-process
>

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