Quote:
Originally Posted by Bonanza
For those that say everything here is perfect and that they don't care how things are run TV, that they don't want any changes, that they don't care who is running things, etc., etc., etc. . . . . it's shameful and an embarrassment. How do these people go through life (now) with their head in the sand??
Okay -- my real question is, if TV is a non-profit development, how does TV get around having so much money in the till? By this I mean, well over a million has already be paid out to the attorneys for the bond issue. Money has to be paid out for the tree-o-rama fiasco. Millions will be paid out for the erosion under the bridge deal. And with this all, there will be no special assessment?
So the money is sitting there -- waiting to be used. Personally, with all this money in the reserves (I will call it), why are we not getting a reduction in our monthly fee and when money is needed for an unusual need, we can then be assessed for the specific thing?
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Uhh, I think you're maybe getting some terminology mixed up. Here is what a Non-Profit (or, Not-For-Profit) entity is all about
:
Definition: A business organization that serves some public purpose and therefore enjoys special treatment under the law. Nonprofit corporations, contrary to their name, can make a profit but can't be designed primarily for profit-making. .
When it comes to business structure, unlike a for-profit business, a nonprofit may be eligible for certain benefits, such as sales, property and income tax exemptions at the state level. The IRS points out that while most federal tax-exempt organizations are nonprofit organizations, organizing as a nonprofit at the state level doesn't automatically grant you an exemption from federal income tax.
Another major difference between a profit and nonprofit business deals with the treatment of the profits. With a for-profit business, the owners and shareholders generally receive the profits. With a nonprofit, any money that's left after the organization has paid its bills is put back into the organization. Some types of nonprofits can receive contributions that are tax deductible to the individual who contributes to the organization.
Keep in mind that nonprofits are organized to provide some benefit to the public.
(Source:
Entrepeneur magazine web site)
Hope that helps clear up some of your confusion on all this.
