MY REALTOR SOLD A BUILDING I OWNED TO A CHARITY THAT SHE IS ON THE BOARD OF. IS THIS A CONFLICT OF INTEREST?
Would need to know more facts, but at first blush, it does sound like a conflict of interest existed here.
Huntington Beach, CA
Tax Lawyer at Huntington Beach, CA
Practice Areas: Tax
Would need to know more facts, but at first blush, it does sound like a conflict of interest existed here.
Sure does not sound like charitable fundraising from what I have reviewed above. Still can be done, just would not be considered charitable.
Yes, there are no 1099 filing exemptions for nonprofit payors.
Sure sounds like private inurement here, however, would need more facts to definitively determine that.
If your Bylaws conform to NC law, such will be the source of your notice provisions. The previous response cites the applicable sections of NC law...
In CA, you generally must incorporate as a public benefit corporation in order to obtain tax exemption from the IRS and the FTB.
Adding of removing Board members will be addressed in the Bylaws of the charitable organization. The Statement of Info is the bi-annual report...
From a federal perspective, no differences, there might be differences on your state return however.
Unfortunately, there are no legal requirements for the charity to respond to you. It is probably not good practice for them to ignore you, but they...
I agree with both of the previous responses; dormancy is generally not a recommended option for an exempt org'n, particularly a private foundation...