Quote:
Originally posted by 33girl
Our foundation is a separate entity that can and has been run by nonmembers. I think the reason that they are separated (the foundation from the GLO) is for tax purposes. Maybe it's that the foundations are nonprofit and the GLOs themselves are not-for-profit (yes these are 2 different things).
|
Nonprofit and not-for-profit are synonyms. The difference is the type of nonprofit IRS designation--501(c)(3) for charitable purposes--contributions are tax-deductible (foundations,) and 501(c)(7) for the benefit of members--contributions are not tax-deductible (fraternities and sororities.)
As for DST, we have Delta Sigma Theta Sorority, Incorporated, the membership organization. It owns our HQ. Then there is a separate Delta Research and Educational Foundation that rents space within the HQ. They are governed by two different bodies although there is some overlap because of positions within the sorority.
The Foundation has an endowment comprising unrestricted and designated funds. The interest from the endowment is used to fund scholarships and other charitable programs of the Sorority.
Alumnae chapters may set up separate nonprofit corporations/foundations through which to buy property. But these corporations must also have distinct governing boards, and the property must also be used for charitable purposes.
Threaded Mode