Originally Posted By: jmyers
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Carla,
Thanks dear. IZE aims to pleaze! 
Joe Myers
Carla,
Thanks dear. IZE aims to pleaze! 
Joe Myers
Originally Posted By: gjohnson
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Hey Joe,
Not to bust on you, so don't take it the wrong way. Non-profits are certainly allowed to make a profit. Making a profit just means that you make more or bring in more then you pay out. What they can not do is to distribute any of the profits for the benifit of officers, directors, or employees...
Quoted for NOLO guide to starting a Non-profit:
"Nonprofit does not mean literally that you cannot make a profit. Under the federal tax law and state corporate statutes, as long as your corporation is organized and operated for a recognized nonprofit purpose, it can take in more money than it expends conducting its activities.
It may use its tax free profits for its own operating expenses (including salaries for officers, directors, and employees). What it cannot do under the law is distribute any of the profits for the benifit of officers, directors, or employees.)"
The term nonprofit is actually kind of misleading, there is a push in the business world to have the term changed to Tax-exempt, because that is really what you are forming a organziation that is exempt from taxes.
Just my fun for the night...
--
Gary (Snicker's) Johnson - Free NACHOS
The NACHI Foundation
Executive Director
301-591-9895
Originally Posted By: Nick Gromicko
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Gary:
Now your NACHI Foundation is not just non-profit, but a registered charity, no?
How is it different, if at all?
Nick
Originally Posted By: jmyers
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Gary,
My point was only to enlighten those that did not understand the the treasurer's report was, aka a P & L.
You are correct about the non profit organization being able to reimburse expenditures. Although when you are a non profit, they must be careful of how they conduct business, or they risk losing that non profit status.
The IRS looks at non profits pretty closely. If the accountant were to call that report a P & L he would have some serious explaining to do to the tax man. 
Joe Myers
Originally Posted By: gjohnson
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Hey Joe I know…I was just giving you a hard time.
Nick the difference is that, when I did my nonprofit application I asked for public charity status. Which means that people can take tax deductions for their donations. Also I think my golas and objectives are very scrutinized by the IRS and State. I think that I had to put in 50 different places that I don't receive a paycheck for doing this.
--
Gary (Snicker's) Johnson - Free NACHOS
The NACHI Foundation
Executive Director
301-591-9895
Originally Posted By: rray
This post was automatically imported from our archived forum.
| gjohnson wrote: |
| I think that I had to put in 50 different places that I don't receive a paycheck for doing this. |
Why?
Heads of public charities are allowed paychecks. One of the reasons why I don't give to certain public charities is because I don't think the head of a public charity should make $500,000 annually. I don't care how public or how charitable the public charity is. I just won't support charities whose heads make that kind of money.
--
Home inspections. . . .
One home at a time.
Originally Posted By: gjohnson
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Russel,
I think I wrote that down wrong.. The thing is they want to see if you are making a paycheck and what that amount compares to the amount that the charity is bringing in. Obviously if I raised 30,000 in a year and paid myself 25,000 that year then they may look at that funny.
I do agree with you though, they just busted a guy here in Baltimore that was making over a million a year from the Charity he was running. Seems to me that money like that could be better displaced somehwere else.
When I started the NACHI Foundation, I just the MD Organization of Non-profits, they have a strict code of ethics that prohibits huge paychecks to officers of a charity.
--
Gary (Snicker's) Johnson - Free NACHOS
The NACHI Foundation
Executive Director
301-591-9895
Originally Posted By: dfrend
This post was automatically imported from our archived forum.
| Quote: |
| they just busted a guy here in Baltimore that was making over a million a year from the Charity he was running. |
 Here I thought that was your plan
Seriously, it is just like in the fire service. My volunteer corporation is a charity and thus can take tax exempt donations (which is how we operate and just bought a $600,000 fire truck). We could pay our directors, but then we couldn't get the expensive equipment needed. Also some volunteer corporations here have hired firefighters to be at the station during the day after the county took the paid personell out. The charity organization is allowed to do that so long as it supports their mission.
--
Daniel R Frend
www.nachifoundation.org
The Home Inspector Store
www.homeinspectorstore.com
Originally Posted By: Nick Gromicko
This post was automatically imported from our archived forum.
I just left our attorney Vince Carosella’s office today. He had been going over our books at NACHI making sure everything was perfect. It is now official… I resigned as President and Joe Hagarty became President. (corporate resolution dated Feb 12th). He is now an officer at NACHI. My position as Executive Director is not that of an officer but an unpaid employee. Corporate resolutions and minutes are all signed and filed.
I imagine the NACHI Foundation (a registered charity) is even more work.
Nick
PS. I accept no compensation at NACHI and never have.
Originally Posted By: gjohnson
This post was automatically imported from our archived forum.
Nick,
Yes, it can be because you have to track your donors and a ton of other things..
--
Gary (Snicker's) Johnson - Free NACHOS
The NACHI Foundation
Executive Director
301-591-9895
Originally Posted By: gjohnson
This post was automatically imported from our archived forum.
When do I get to become an upaid employee…
–
Gary (Snicker’s) Johnson - Free NACHOS
The NACHI Foundation
Executive Director
301-591-9895
Originally Posted By: dbowers
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Joe M. -
I greatly resent your insinuations that at BOD Meetings in the old days, we partied with hookers. Being HIGH CLASSED HI's we always used call girls. We never padded our expense account, we simply took guests out for dinner to discuss the HI Business (structural aspects and soforth).
Dan Bowers
Originally Posted By: jmyers
This post was automatically imported from our archived forum.
Dan,
STRUCTURAL! LMAOROTF!
Joe Myers