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Ot: Rainy Day Fund

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Old Mud

H-M Supporter - Premium Member
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#31
May be a little late reading this but what was the final decision on this ? If we have a plan I'm in. Either way I'm in.

Don
 

Tim9

Iron
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Oct 11, 2015
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#32
I think it should be fairly easy to set up a non-profit fund and other than registration of a non-profit corp plus the yearly paperwork required to make sure its all kosher....its a very easy thing to do. Like was stated earlier...almost any bank can steer us in the right direction.
FWIW....I totally relate to Silverbullet's post. I too have been on SSDI for the last 20 years. But...I have also been very blessed. Its been a big struggle and although I lost my business and was in a wheelchair for 2 years...I can honestly say I'm probably better off today than the day before I was injured. Yea...I'm still physically limited... Yet I feel pretty good with my current abilities. I'm able to get almost everything done I set my mind to. That includes moving an 800 # machine to my house and up some steps and set up in one of my rooms. I just spend a lot of time planning it and use my brains...not brawn.
Anyway... I think its a good idea to set up a fund. Although on SSDI....I'm OK now and will be better once I can rent the other side of my duplex out in the next few months. I'm all for donating a few bucks and I'll second the Paypal thing. For that matter...PayPal has info on non-profit funds.

Keep your fundraising costs down. PayPal offers discounted transaction rates for 501(c)(3) charities for most products, and consistently low rates for all other nonprofits. No extra fees for setup, statements, withdrawals or cancellation. 2.2% + $0.30 per transaction and no monthly fee for charities. https://www.paypal.com/us/webapps/mpp/donations
 

4gsr

HM Chief Foreman
Staff member
H-M Supporter-Premium Member
Joined
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#33
I think it should be fairly easy to set up a non-profit fund and other than registration of a non-profit corp plus the yearly paperwork required to make sure its all kosher....its a very easy thing to do. Like was stated earlier...almost any bank can steer us in the right direction.
FWIW....I totally relate to Silverbullet's post. I too have been on SSDI for the last 20 years. But...I have also been very blessed. Its been a big struggle and although I lost my business and was in a wheelchair for 2 years...I can honestly say I'm probably better off today than the day before I was injured. Yea...I'm still physically limited... Yet I feel pretty good with my current abilities. I'm able to get almost everything done I set my mind to. That includes moving an 800 # machine to my house and up some steps and set up in one of my rooms. I just spend a lot of time planning it and use my brains...not brawn.
Anyway... I think its a good idea to set up a fund. Although on SSDI....I'm OK now and will be better once I can rent the other side of my duplex out in the next few months. I'm all for donating a few bucks and I'll second the Paypal thing. For that matter...PayPal has info on non-profit funds.

Keep your fundraising costs down. PayPal offers discounted transaction rates for 501(c)(3) charities for most products, and consistently low rates for all other nonprofits. No extra fees for setup, statements, withdrawals or cancellation. 2.2% + $0.30 per transaction and no monthly fee for charities. https://www.paypal.com/us/webapps/mpp/donations
Go back and start re-reading at post #20. H-M is a non-profit corporation. We do have a bank account that takes in donations from members and others. This money is used to pay incurring expenses from software upgrades to legal expenses to monthly maintenance of the forum. The board members and staff do not get paid an salary for being here or any kind of incentive, neither. According to Nels, the founder, H-M cannot donate funds to people in general, just other non-profit foundations. Now, I can't tell you if H-M gets a break on Paypal or not. I'm sure they do when you make a donation to H-M.
Ken
 

royesses

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#34
4gsr Thank you and all the moderators for your time and effort to make this such a great forum. You have many friends.

Roy
 

Bob Korves

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#35
We have proven today that we can help someone who needs it, when they need it, and without any infrastructure whatsoever. If someone has a good cause, and some of us want to fund it, we can do so quickly and without any bureaucracy whatsoever. We may not be able to deduct our charitable giving from our taxes, but that does not bother me in the least. Lean and mean, get er done, when it is needed, in real time. All that is really needed is a charitable case worth supporting, and we have the individual power to support or shun it. What is not to like with this approach? If there is a will, we already have the way.
 

4gsr

HM Chief Foreman
Staff member
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#36
Well put Bob. I found this out last month with the loss of our daughter. People from all over were kind and generous in helping us get thru the ordeal we had to deal with. Believe me, it's not over with yet. It was the thoughts and prayers that helped the most. Monetary donations helped with expenses encountered. A few donations came from here, too. Ken
 

Superburban

Active Member
Active Member
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Messages
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#37
I have an idea. Why can't you guys set up a fund on Go Fund Me or something similar? Then make donations, and hold a vote to determine who will get some money.
You can appoint someone you trust to hold the password to the account.

A not for profit such as THM can only donate to other not for profits. That is the law. We can't donate to individuals.
Matter of fact, I will be attending a training course that I am paying for myself to make sure we are in conformity with all regulations (CLE).

In terms of what Terry said, he is 100% correct.
This isn't "Nelson's forum". It stopped being my forum years ago, matter of fact.
I guess I need to make this transparent, because transparency is always a good thing.

There was another forum that was privately owned. It got very, very popular. The owner never accepted donations.
One day, a guy logged on, and told everyone he was "the new owner." The forum was sold.
Apparently, that was the old owner's succession plan, to pay for everything, then sell to a company that buys forums.
It was all his money, so he had the right to do that.
I would be lying if I told you that I was impressed by what he did.

This place has gone a different way.

I accepted donations to keep it going. In my mind, that made it yours (the members), not mine.
You guys participate and help each other, and post your work here, that makes it yours, not mine.

I incorporated this place as an educational not for profit a few years back. The corporation owns it, I don't.
There is a board, made up of staff members that are elected, that governs the corporation, and the site.
I have one vote on the board. I would like to stay on the board as long as I can to help keep things running.
We have regular board meetings where things are discussed. The corporate strictures are followed.
That is my succession plan. When I die, get sick, or are driven off, the board will keep running it without me.
The corporation cannot be sold, except to another not for profit. It can't be liquidated, except by court order.
My main job is to do the technical stuff to keep the board up and running, and keep tax-deductible donations coming in to keep it running.

So, I don't own this place, and I can't do whatever I like.
I founded the place, and I work on the server to try to keep it running.
If I could help everyone financially, I would.
I've contributed personally to help people, to the extent I could afford to.
Thank You. Nels.

This information needs to be presented somewhere where new comers , and even old timers can see it.

I'm sure most of us have stories similar. I myself donated a lot of time and money into a truck forum, as a member, and a moderator, and eventually as a site assistant . For over 10 years, the owner kept acting like the board was barley making the money for the servers, and other necessary fees. Many of us wrote how to articles, made up troubleshooting charts, and gave a lot of our time, passing on our knowledge. Then the same thing, we found out afterwards that the site was sold. For enough that the owner was able to buy a brand new diesel truck, and a heck of a down payment on a house.

For most of us on SSDI, the tax deductible part is meaningless. In fact, for anyone using the standard deductions, it is meaningless. But knowing that the money is going to a structured place where it is accounted for, means a lot.

If this information is posted somewhere where the members can see it regularly, and maybe even give quarterly updates as to the background operations, the members will be more active. As a former Military leader I know, a way to get more from people, is have them feel as they are part of something. Especially for those of us that have been burned by other forums, knowing that our effort is not going to make someone rich is enough. When I get through this next surgery, and get the bills caught up, I will remember this post.

Again, Nels, Thankyou for setting this place up as you did. I know a lot of the work you have done to make this place what it is, only to give it away. You did the right right thing, now lets all get on board, and help this child grow.
 
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