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"INFO -  Understanding Nonprofit Basics
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#1
12 demo2 
Joyce KimMarch 11, 2015
[Image: not-for-profit@2x-compressed-300x300.png]
By incorporating as a not-for-profit organization, Stellar Development Foundation has voluntarily set itself to a more restrictive set of legal requirements than a traditional company. In preparing our application for tax-exempt status as a charitable organization, we are aware that achieving tax-exempt status will subject us to an even higher level of legal oversight and transparency requirements.
Given the complexity of nonprofit and tax-exempt law, we asked our nonprofit legal counsel, Adler & Colvin, to prepare a memo that covers some of the more frequently asked questions about Stellar’s nonprofit and anticipated tax-exempt status.
You can read or download the memo here.
For handy reference, here are some of the requirements we must comply with now and in the future:
Requirements of a not-for-profit organization
  • No stock

  • No profits can be given to individuals

  • No private inurement
Some of the requirements of a not-for-profit AND tax exempt organization
  • All compensation for nonprofit staff must be reasonable

  • Executive compensation shall be published with annual tax filings (Stellar has been publishing aggregate amount of stellar compensation for the entire team since July 31, 2014)

  • Annual financial reporting is required (Stellar has gone beyond these requirements by publishing preliminary unaudited quarterly financials)
Read Stellar’s Nonprofit Status Memorandum
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#2
this is important
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#3
06 go 
Nice info bossss. Humanity as stellar vision on first launching.
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