IRS-Articles of Incorporation Change

[renegade12@juno.com (Randy H Eiland)]

(the correct description of Subject is courtesy of Bob) 

K.S. Swigart and Teddy have presented some interesting arguments against
the IRS requirement that AERC add two paragraphs to our Article SECOND of
the Articles of Incorporation.  However,  it seems to be argument for the
sake of argument with no valid reasoning.  I still don't understand why
they are so adamantly against AERC RETAINING its 501 (c)(3) Federal Tax
Exempt Status, nor can I think of any beneficial reason that AERC would
want to lose its Tax Exempt Status.

With that said, my final post on this subject is this:  AERC HAS BEEN A
501(C)(3) FEDERAL TAX EXEMPT ORGANIZATION SINCE OCTOBER 1989.  To quote
from an IRS letter dated August 21, 1998:  "The exempt status for the
determination letter issued in OCTOBER 1989 continues to be in effect."
However,
during the recent examination of AERC by the IRS, it was determined that
our Articles no longer met the organizational test of section 501 (c)(3)
and "must therefore be amended."  to continue to meet the requirements of
501(c)(3). 

So, to sum up my final statement on this subject, to retain our 501
(c)(3) Federal Tax Exempt status, we must add two paragraphs to our
Article SECOND.  This is an amendment to the Article and our Legal
Committee determined it needed approval from the membership.  The
membership of AERC is being asked to approve the IRS required additions. 
I can find no valid reason to vote against the addition as the upside far
outweighs any possible downside.  

		VOTE YES ON AERC PROPOSAL 1.

Randy Eiland  


  
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