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As someone forming a private foundation, this is very inspirational, thank you! Albeit under 501(c)3 and not 501(c)6 like this organization.
by vmception 6y ago
As someone forming a private foundation, this is very inspirational, thank you!
Albeit under 501(c)3 and not 501(c)6 like this organization.
- ghaff 6y agoThe two categories are pretty different. A 501(c)6 exists for the benefit of its members. That doesn't mean it's bad or can't have a positive mission but it's a trade association at the end of the day. A 501(c)3, as you know, at least ostensibly has some sort of charitable/educational/etc. mission.
- vmception 6y agoI'm aware, and I take issue with the "this is bad because I have an uncomfortable relationship with money" approach that the article took. The point of the author's digital sleuthing was not for inspiration, it was to find fault to reinforce a conclusion they had already made. I doubt there was any transparent and accurate reporting that would have satisfied their idea of acceptable. The primary difference with the 501(c)3 is that 5% of the assets has to be granted per year. It would for the most part have the exact same flexibility as this organization.