Posted by MoparNorm on Sunday, November 19, 2006 at 7:31PM :
In Reply to: MVPA new policies posted by Ernie Baals on Sunday, November 19, 2006 at 9:34AM :
I don't know anything about MVPA, but having sat on several boards, I do know about organizational laws.
Are they incorporated?
Are they a non-profit 501c tax exempt corp.?
Under incorporation laws, all directors have a fiduciary responsibility to the membership at large. They actually fall under Federal Racketering regulations (RICO).An organization run under state and federal law must adhere to by-law regulations and file reports that are open to the public for scrutiny. They may be in real trouble, or they may be exempt, the by-laws are available to all members and the public if they are a non-profit and are subject to review by anyone, including attorneys and the IRS. If they are not a non-profit, the membership is pretty much on their own, and the IRS may still be interested in that amount of funds.....
MN