You would have to organize as a 501(c)(3) tax emempt organization. Then when you get audited to see if you comply with the requirements for maintaining 501c3 status, and don't, you will owe back taxes, interest and penalties on all the taxes you haven't been paying.

Good luck.

This post was edited on 6/12/14 at 11:19 am

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Posted by Alatgr

Mobeezy, Alabizzle

Member since Sep 2005

17660 posts

Posted on 6/12/14 at 11:28 am to Alatgr

From the Snopes article:

quote:
Goodwill: Goodwill Industries International is not a business that takes in donated items and resells them for a profit. It is a not-for-profit organization that provides job training, employment placement services and other community-based programs for people who have disabilities, lack education or job experience, or face employment challenges. Goodwill raises money for their programs through a chain of thrift stores which also operate as non-profits.

The CEO of Goodwill Industries International is not Mark Curran, nor does he make $2.3 million a year. The current President and CEGoodwill: Goodwill Industries International is not a business that takes in donated items and resells them for a profit. It is a not-for-profit organization that provides job training, employment placement services and other community-based programs for people who have disabilities, lack education or job experience, or face employment challenges. Goodwill raises money for their programs through a chain of thrift stores which also operate as non-profits.

The CEO of Goodwill Industries International is not Mark Curran, nor does he make $2.3 million a year. The current President and CEO of Goodwill is Jim Gibbons, who in 2011 received a total reported compensation of $725,000.
Read more at LINK

And I'm not sure what your point is about them being a "private company." Almost all charities are.

This post was edited on 6/12/14 at 11:29 am

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Posted by Napoleon

Kenna

Member since Dec 2007

69234 posts

Posted on 6/12/14 at 1:42 pm to Alatgr

quote:
You would have to organize as a 501(c)(3) tax emempt organization. Then when you get audited to see if you comply with the requirements for maintaining 501c3 status, and don't, you will owe back taxes, interest and penalties on all the taxes you haven't been paying.

See again the Goodill part gets me.
But let's say I start a 501(c) and then I do make contributions to charity from the proceeds of sales, but I pay my self X amount of money would I still be a non-profit?

I really do want to do good. The vast majority of my donations and time I never even submitted on my taxes. I try to give 8 hours a month doing something.

I'm a non-believer but I still have a soft spot for church's and have donated time, freezers and fridges to church's in the area. Have even helped on jobs to replace stolen AC units at a Church in central city.
Most of that stuff comes through the Chamber or other contacts.

I really am not doing this just to be greedy, I would like to expand more.

I want to give water to the homeless to sell instead of begging.

I want to randomly leave dozens of bikes around the city for people to use to get around. (same trick they do in Amsterdam, paint them hot pink so people won't want to keep them.)

I want to clean the lakeshore and the breakwater.

I want to start a community program to quickly fill potholes.

So I have ideas to help the city, and people, it isn't all about taxes.

Mainly I don't even care about my own taxes.
I put a third of all my earnings gross into savings and taxes is a breeze with that always there.
I just want to expand my ability to acquire junk appliances.

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