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Added minor clarification to spending funds.

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Bradley M. Kuhn 2011-01-01 11:31:34 -05:00
parent 0717d2dd93
commit e2c60c5c6e
1 changed files with 10 additions and 8 deletions
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18
www/conservancy/static/members/apply/index.html
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@ -149,7 +149,9 @@ donor wanted to contribute $100 to Project Foo, they would formally make
the donation to the Conservancy and identify Project Foo as the desired
project to support. The Conservancy would then deposit the check and
earmark the funds for use by Project Foo. Project Foo would then tell the
Conservancy how that money should be spent.</p>
Conservancy how that money should be spent. As long as that expense is a
legitimate non-profit expense fitting with Conservancy's non-profit
mission, Conservancy pays the expense on the Project's behalf.</p>
<p>Similarly, any copyrights, trademarks, domain name or other assets
transferred to a project can also be held by the Conservancy on behalf of
@ -164,13 +166,13 @@ it is an option for those projects that ask for it.</p>
<h2>If our project joins, must it be a member project of Conservancy forever?</h2>
<p>All agreements between member projects and the Conservancy stipulate
clearly that the member project can leave the Conservancy at any time.
Federal tax exemption law, though, states that projects must transfer
their assets from the Conservancy in a way that is consistent with the
Conservancy's not-for-profit tax status &mdash; meaning the assets cannot
be transferred to an individual or a for-profit entity. Generally, a
project would either find another fiscal sponsor or form their own
independent tax-exempt non-profit.</p>
clearly that the member project can leave the Conservancy with a few
months' notice. Federal tax exemption law, though, states that projects
must transfer their assets from the Conservancy in a way that is
consistent with the Conservancy's not-for-profit tax status &mdash;
meaning the assets cannot be transferred to an individual or a for-profit
entity. Generally, a project would either find another fiscal sponsor or
form their own independent tax-exempt non-profit.</p>
<p>We fully expect that some Conservancy projects will ultimately wish to
form their own non-profit 501(c)(3) organizations; that's why we design