Re: IRS-Articles of Incorporation Change

[Teddy Lancaster <Teddy@runningbear.com>]

I still want the FACTS......I don't necessarilly disagreee, I just wish to be
a well-informed voter.

Teddy

Randy H Eiland wrote:

> (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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