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Author Topic: Charity/Foundation formation  (Read 486 times)
nighteyes
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August 05, 2011, 06:11:07 PM
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Discuss.....

Lets say there were a 501(c)(3) opened.

1) Could accept tax deductible donations
2) Could raise money more broadly...such as goodsearch.com

Lets say it was transparent as can be. As in expenses scanned and displayed...books opens all the time. Bank account info open as much as possible.

Where does the money get spent? I think most of the time it would be allocated by the donor, but the foundation itself would have projects.
For example, A Study of Internet digital currency wallets (mybitcoin.com)...if there were such a project or educational research, it would be funded or else it stops and the bitcoins get sent back to the participants. Overall the foundation could start these hybrid public/confidential projects until they take off in real space.

There would also be a general fund whose purpose is for legal defense and also for short term loans to the projects if they can pay the fund back....with preference to those projects that have collateral. Such as the study 'mybitcoin'...if the users didnt donate enough, part of their money would be seized(call it a monthly fee if you like).

Oh, and no salaries or some such expense for this organization.
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