Continuing to think through the potential legitimacy of shifting from a profitable/taxable to a [profitable]/tax-exempt entity, I wrote to J____, our legacy planner.

The matter of board governance lays heavily on Sarita’s and my mind as we consider the possibility of shifting to a 501(c)(3) form. We have observed too many 501(c)(3)s to enter into this lightly. Some concerns:

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Our proposed legacy plan includes the idea that we should reposition/restructure/transfer the assets of our S-Corp to a 501(c)(3) [non-profit/tax-exempt] organization.

That’s a fairly significant . . . –no; downright radical–proposal. And we’ve got to think and pray about the implications and consequences and just, plain, how to do it effectively (if we do it–indeed, if we are able to do it–at all).

So this morning, at breakfast, I mentioned to some men from our church what we are thinking about.

In response to what I said, Read the rest of this entry »