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"INFO -  Understanding Nonprofit Basics
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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
this is important
06 go 
Nice info bossss. Humanity as stellar vision on first launching.

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