The IVA received $89,116 in donations and earnings.
The one next is a bit more interesting. Note the more than doubling of total assets, from $10,539 to $27,807. I have no idea what the assets are.
About the time the report was filed listing the doubling of assets, the IVA also amended its articles of incorporation, deleting Article XI.
What is the pesky Article XI that they deleted? Article XI provided that upon dissolution, all assets will be donated to another non-profit. Having deleted that Article, Fischer is no longer bound to donate the assets if the IVA folds.
It's doubtful to me that Fischer will be able to convert the IVA's assets to his personal use, but I'm not sure. BTW, Fischer lists the IVA as his full time job, 40 hours a week. He pays himself a livable salary, but he's not getting rich.
All in all, it appears the Fischer should be able to pay the legal expenses he's been ordered to pay.
Update: Upon further examination, it looks like the $17k asset increase in 2006 was simply contributions not spent, i.e., banked. That was 2 years ago, but it still indicates the Fischer ought to have the $$$ to pay Boise without unduly worrying that someone's going to take his house.
Also, now I'm really curious about his appeal for donations to pay off the city. Does he still have this cash balance? If so, his appeal begins to look opportunistic.
5 comments:
Opportunistic is just another word that describes Bryan to a tee.
The deletion of Article XI does not change the applicable laws "If the non-profit organization decides to cease operations, its assets, by law, must be donated to another non-profit agency." from: http://www.businessknowledgesource.com/smallbusiness/could_a_nonprofit_structure_be_right_for_your_business_014533.html
I wonder what the point of deleting the Article would be, then?
Idaho Values Alliance is not Keep the Commandments Coalition. They are entirely seperate organizations with seperate purposes.
Adam, tell me why Brandi and Bryan would be individually held responsible for legal costs if the suit was brought by either organization if properly incorporated.
Post a Comment