Re: non-profit status
From: Steve Faber (stevecityvisioninc.org)
Date: Mon, 4 Jun 2007 12:18:48 -0700 (PDT)
I know we did it, but it may just be a Michigan thing. There were some Real Estate Transfer Taxes involved in the transfer and we did it at a time where assets were minimal so it didn't look like the nonprofit board made any money from the transfer. I would say, that once you start talking any serious assets, an LLC is a safer bet, but it may be different in other parts of the country.

On Jun 4, 2007, at 2:14 PM, Raines Cohen wrote:

Steve,

My understanding is that a nonprofit can SELL its assets to anyone
but can only transfer them to another exempt nonprofit, so that
people can't "launder" donations through a nonprofit by receiving
something of value in return (this is why in auction fundraisers for
nonprofits you can only deduct the amount in excess of the fair
market value of the item you receive; similar for public radio/TV
pledge drive premiums and charity dinners). Do you have any more
detail about how this transfer was done? (you might want to make your
reply off the list if the answer is unrelated to cohousing
development, or leave it on if you think it could help other groups)

Raines

Booking cohousing booths at SolFest in August in Hopland and the
Green Festival in SF in November, and planning some community/
cohousing organizing in my brief Boston area trip this weekend.

-
On Jun 4, 2007, at 10:57 AM, Steve Faber wrote:

we transferred our assets over to
LLC when it came time to develop the project

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