>>501c Not-For-Profit Organizations do not have a profit. And their financial statements are public knowledge. <<
Isn't this your quote from an earlier post Lee ? First you say their financal statements are public knowledge, now your saying they don't even have financial statements ? Which is it ?
Your statement here that Not_For_Profit Organization 's do not have profit, shows you have yet to get to the 501c class at your school it seems. 501c's are in fact both allowed to make a profit, and in fact are supposed to be run TO make a profit. The difference in a 501c is how the profit can be spent.
Brings me to another point. I believe your sidekick said it's none of our business how the $ will be spent. I believe he said Wally can stick it in his pocket for all he cares. That would actually be illegal. That would get Wally, or anyone in Glendora indicted.
Any profit, including from a sale such as this, can either be invested ( to make more profit ), and if not invested must be used to further the original charter of the 501c. You see, this is NOT Wally's money, or Tom C's or anyone in Glendora's.
Can you see how we ARE entitled to see how the money will be spent now Lee ? Or are you at the back of the class.
Mike ( madness & ) Mayhem
Mike ( madness & ) Mayhem
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