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Money from tax exempt funds

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Money from tax exempt funds

Postby Malibu12 » Tuesday February 23rd, 2016 7:26 am MST

I belong to a tax exempt organization that also has a for profit business to raise funds. The money in the funds was donated, for the most part, to help those in need.
The problem I have is, if the business has been losing money is it legal to take donated funds to keep the business doors open? Seems pretty basic to me, but I need professional advice on this topic.

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Re: Money from tax exempt funds

Postby Admin » Wednesday February 24th, 2016 6:54 am MST

:h: Malibu12:
First off, let’s review the Forum Rules topic titled: Advice; wherein you will also find a link to Team Law’s website topic titled: Advice; both of which clearly acknowledge our Charter limitation from giving “Advice”. Respectively, we never give advice and whenever we are asked for advise we respond as we just did to your inquiry.

Secondly, at Rule 3, you will find the purpose for this forum. Thus, it should quickly become obvious that we follow the Forum Rules you agreed to when you registered your username on this forum.

With those rules in mind, let’s take a look at Team Law’s purpose; see: What is Team Law. From that linked page you will see that Team Law merely helps people learn how to learn the law, its history and language, from your own firsthand study of its source.

Thus, if you desire to learn how to learn the law well enough to know how to discover the correct answer to you inquiry, then we can help you do that.

However, if, the inquiry you wrote properly expressed your desire: “I need professional advice on this topic”, you need to go to a professional advice giver, such as a BAR licensed lawyer, to get professional advice. Again, Team Law cannot give ‘Advice’.

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