Re:FBI accuses wealthy parents in college-entrance bribery s...
by dragonwriter on Wednesday March 13, 2019 @04:18AM
(#19376723)
> "Non-profit" is literally no more than a corporate tax status
It is a tax status (actually, a group of them), but the name has substantive meaning, since to qualify for any of them there must be no one with a claim on the entity’s accumulated earnings.
> That actual charitable causes happen to be non-profit is a coincidence.
It's not a coincidence, it's an actual legal defining characteristic of the kind of nonprofit to which donations are tax deductible.
Re:FBI accuses wealthy parents in college-entrance bribery s...
by edoo on Wednesday March 13, 2019 @04:35AM
(#19376795)
A non-profit has to show their outflows but it is quite common to have a non-profit where 100% of the money is doled out as taxable income to the board members.
It is a tax status (actually, a group of them), but the name has substantive meaning, since to qualify for any of them there must be no one with a claim on the entity’s accumulated earnings.
> That actual charitable causes happen to be non-profit is a coincidence.
It's not a coincidence, it's an actual legal defining characteristic of the kind of nonprofit to which donations are tax deductible.