Cohousing-L Mailing List: Re: non-profit status

[Steve Faber (steve]

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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