"Its investment in Ravel, a for-profit corporation, via its XFund venture capital arm, and its subsequent contract with Ravel to earn "proceeds" (HLS’s term) fr

"Its investment in Ravel, a for-profit corporation, via its XFund venture capital arm, and its subsequent contract with Ravel to earn "proceeds" (HLS’s term) from that relationship, involves profit." Unrelated Business Income? As far as I know, non-profits can invest in for-profit entities with no problem. Even 100% ownership of a for-profit corporation by a 501(c)(3) is ok. Not to say I don't disagree with your sentiment, but I think that argument is the wrong approach.