[17523] in APO-L
Re: APO Reserves
daemon@ATHENA.MIT.EDU (Ellen Kranzer)
Tue Nov 11 14:52:10 1997
Date: Tue, 11 Nov 1997 14:51:23 -0500
Reply-To: Ellen Kranzer <ellen_kranzer@HARVARD.EDU>
From: Ellen Kranzer <ellen_kranzer@HARVARD.EDU>
To: Multiple recipients of list APO-L <APO-L@VM.CC.PURDUE.EDU>
At 10:51 PM 11/7/97 -0500, you wrote:
>Remember, as a 501(c)(3) tax exempt
>organization we technically must maintain a zero balance in the checking
>account
This is a completely false statement, though it is a common enough
misunderstanding of the way 501(c)(3) status works. 501(c)(3) organizations
can have money in the bank, then can even increase the amount of money they
have in the bank. What 501(c)3 status means is that the organizations money
needs to be spent on the the purposes for which the organization was given
the tax exemption and that surplus revenues need to go back into the
organization not into the pockets of the people running it.
(That's the short form, if anyone wants the long form check out the relevent
documents on the IRS web site.)
Y.I.S.
Ellen c.c. Kranzer
AX Alum
(and corporate treasurer for M.A.S.S. F.I.L.C., Inc. a 501(c)3 organization)
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Email: ellen_kranzer@harvard.edu or ccrazy@world.std.com
Permanent Email address: ekranzer@alum.mit.edu
U.S. Mail: Ellen Kranzer, 18 Riverdale Street, Allston, MA 02134
Phone: (w)617 495-0573, (h)617 254-0057 <*>
