Friday, August 16, 2013

Why The GPAC Funding Model Won't Work

From PrivateFoundation.com in plain language so it's easy to understand.

"Who can a private foundation give money (make grants) to?

Private foundations typically carry out their philanthropy by making grants to recognized public charities. This includes churches and synagogues, educational, scientific and cultural institutions, poverty relief agencies or any other organization that qualifies as a 501(c)(3) charity according to the IRS. "

The City of Greensboro IS NOT a 501 3(c) and therefore cannot receive funding for the project from Foundations. The only LEGAL way GPAC can be built is to give ownership to a 3rd party non profit the same way City Center Park was built.

You know it, I know it and a whole lot more people know it so quit dancing around the question and give us a straight answer.