[Evergreen-governance-l] ***SPAM*** RE: Minutes from Today's Meeting

[Watson, Sylvia]

Hi Chris,

I have one additional edit, and also a comment to elaborate on the foundation question.  

Please revise the comment about foundations as 501(c)(3) organizations.  After my initial statement which you recorded, I clarified that there were a few other options in the DE law that you could use with your formal name.  

"Foundation? - can be a 501(c)(3)

-	In Delaware - must have "foundation" or one of a few other optional designations as part of your legal name"



Also,

I don't know if I was clear with regard to the foundation question.  An entity can be a nonprofit organization and be run as a foundation.  However, a nonprofit can also be an entity that includes the word "foundation" as part of its name, but is actually officially recognized as exempt from federal income taxes under 501(c)(3) as a public charity, and not a foundation.  I answered the question under the assumption that I was being asked if it mattered whether or not foundation was part of the group's name, and that assumption skewed my answer.   I read something into the question that was not there I think because I was already working from the mindset that the organization, when formally established, would be operated as a public charity under the tax laws.  An entity can be exempt from federal income tax under 501(c)(3) as a public charity, private foundation, or private operating foundation.  501(c)(3) public charities receive more favorable tax treatment than 501(c)(3) private foundations and 501(c)(3)private operating foundations.  

I understand the initial plan is to start by forming an informal association under an umbrella corporation, so this doesn't matter right now.  However, if and when the group decides to break off on its own and formally incorporate as an independent corporation, it will receive more favorable tax treatment if formed, funded, and run as a public charity as opposed to a private foundation.  

Having said that, you could still keep foundation as part of the group's name, unless the state laws the group is organizing under have different requirements.  Hopefully this answers the question more thoroughly.

Thanks,

Sylvia Watson
Indiana State Library


-----Original Message-----
From: evergreen-governance-l-bounces at list.georgialibraries.org [mailto:evergreen-governance-l-bounces at list.georgialibraries.org] On Behalf Of Amy Terlaga
Sent: Tuesday, July 20, 2010 2:19 PM
To: 'Sharp, Chris'; 'evergreen-governance-l'
Subject: Re: [Evergreen-governance-l] Minutes from Today's Meeting

Hi Chris--

Some minor edits:

On this -
>GPLS, Equinox, KCLS, and  - all agreed with being comfortable with the SFC
holding Evergreen's intellectual property assets.

Looks like you were going to include one more organization in this list.
Maybe you could restate it by writing that nobody disagreed with the plan to
move ahead with the SFC holding Evergreen's intellectual property assets.

On this - 

>Conference

>Amy - venue is established, but no established dates yet

Could you identify this as Conference 2011?  And that I'm checking with
Deanna Frazee of Killeen to see if she will be announcing the venue and
conference dates soon?

On this - 

>Galen - RSCEL website - KCLS willing to give access to a few individuals to
be able to deal with spam-related incidents.  Lori says

Lori says what?  Lori says a lot of things (God knows), but here I think she
said that she'd be willing to give additional persons access to RSCEL to
help maintain the site.

That's it from me!

Amy
=======================
Amy Terlaga
Assistant Director, User Services
Bibliomation
32 Crest Road
Middlebury, CT  06762
(203)577-4070 x101
http://www.biblio.org
----
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-----Original Message-----
From: evergreen-governance-l-bounces at list.georgialibraries.org
[mailto:evergreen-governance-l-bounces at list.georgialibraries.org] On Behalf
Of Sharp, Chris
Sent: Tuesday, July 20, 2010 2:05 PM
To: evergreen-governance-l
Subject: [Evergreen-governance-l] Minutes from Today's Meeting
Importance: High

Hi all,

In an effort not to repeat my delays from last month's meeting, I'm going
ahead to send these minutes out.  Please reply with any corrections.

Thanks!

Chris Sharp
PINES Program Manager
Georgia Public Library Service
1800 Century Place, Suite 150
Atlanta, Georgia 30345
(404) 235-7147
csharp at georgialibraries.org
http://pines.georgialibraries.org/


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