Boris Mann wrote:
On Tue, 01 Mar 2005 13:57:51 +0000, Vladimir Zlatanov <vlado@dikini.net> wrote:
Tax deductions are good, but not the only thing which matters. Things that matter IMHO are:
Vlado makes a good point, and I think that is how we should approach the construction of a foundation. What do we need it to do? As I see it, there are actually only 3 things that are absolutely required, and everything else comes down to support functions. * have legal standing as some sort of entity which can do things (like own * be able to receive money (i.e. open a bank account) * pay out money
While some sort of "foundation" would be a nice-to-have, I think a structure that handles those items would be a good start. Donations and tax-exempt status are additional issues.
Perhaps the thing to do is create a central, top-level entity that can do those 3 things above (legal standing, receive money, pay money) first. Then it might actually be much easier to create national tax-deductible foundations which are member organizations of that top level entity. The national organizations can pass donations up to the global entity as legitimate charitable organization expenses. At least, such a scheme would work in the U.S. Eventually if we get "wealthy" enough we can afford to pay an expert to tell us how to become a worldwide charitable foundation. I'm currently the president of the board of a U.S. 501(c)3 tax-deductible charity, so am familiar with that piece anyway. -- Chris Johnson