CA Emergency Fund - Feedback please

macms · 01-17-2009, 03:51 PM

Quote:

Originally Posted by CigarDood

If you guys want to set something up like this, you should probably consider setting up an actual charitable organization to provide limited liability for those in charge and tax-deductible contributions for donors. PM me if you want to discuss.

In a more formal environment a charitable organizational LLC would be very appropriate. IMHO, the liability of overseeing this fund would be no greater than the donations for the troops fund. While tax deductible opportunities may result in greater donations, this is not meant as a program of CA or ongoing support to the recipient. The costs to implement a 501 (c) (3) would be prohibitive at this time.

A program like this could be hosted off site by the committee if needed to remove CA from liability issues. Any attorney's on CA could respond via PM to me with there thoughts.

I may be foolish, but I perceive this as a non-formal, grass roots effort by members to help out a guy out if/when needed.

CigarDood · 01-17-2009, 04:23 PM

Quote:

Originally Posted by macms

In a more formal environment a charitable organizational LLC would be very appropriate. IMHO, the liability of overseeing this fund would be no greater than the donations for the troops fund. While tax deductible opportunities may result in greater donations, this is not meant as a program of CA or ongoing support to the recipient. The costs to implement a 501 (c) (3) would be prohibitive at this time.

A program like this could be hosted off site by the committee if needed to remove CA from liability issues. Any attorney's on CA could respond via PM to me with there thoughts.

I may be foolish, but I perceive this as a non-formal, grass roots effort by members to help out a guy out if/when needed.

***THIS POST IS NOT INTENDED TO BE LEGAL ADVICE***

Maybe it's just the risk-averse lawyer in me, but I see a significant amount of risk in running a program like this. I'd rather not discuss the risks, etc. in an open forum, so if you want to discuss it, PM me.

As far as start-up costs are concerned, I could probably help you track down pro bono counsel to get this off the ground.

01-17-2009, 05:03 PM

I'll do what I can to help.

hotreds · 01-17-2009, 05:05 PM

A wonderful idea, but I too, would look before leaping. Thanks, CD for looking out for us! Hopefully we can get this off the ground with the "i's" dotted and "t's" crossed!

smokeyandthebandit05 · 01-17-2009, 07:42 PM

Honestly I would help ANY BOTL in need.

01-17-2009, 05:03 PM	#3
ashmaster Guest Posts: n/a	Re: CA Emergency Fund - Feedback please I'll do what I can to help.

01-17-2009, 05:05 PM	#4
hotreds Ephesians 2:8 Join Date: Oct 2008 Location: 5 miles past "Resume Speed" Posts: 11,670 Trading: (63)	Re: CA Emergency Fund - Feedback please A wonderful idea, but I too, would look before leaping. Thanks, CD for looking out for us! Hopefully we can get this off the ground with the "i's" dotted and "t's" crossed! __________________ God loves you so much, that he made you read this, just to let you know.

01-17-2009, 07:42 PM	#5
smokeyandthebandit05 Feeling at Home Join Date: Oct 2008 First Name: Rich Location: Branchville Posts: 758 Trading: (1)	Re: CA Emergency Fund - Feedback please Honestly I would help ANY BOTL in need. __________________ MIAMI CANES 9-4 NJ DEVILS 37-21-3