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Difference between revisions of "Member-Funded Societies (Societies Act FAQs)"
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Member-Funded Societies (Societies Act FAQs) (view source)
Revision as of 17:29, 13 May 2021
, 17:29, 13 May 2021→What is a member-funded society?
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===What is a member-funded society?=== | ===What is a member-funded society?=== | ||
A member-funded society is a special subset of non-profit societies. Incorporating as member-funded will be unusual for most groups of people who want to get together to do something to benefit the community. A member-funded society exists ''primarily'' for the benefit of its members. Some examples include golf courses or private benevolent organizations. Just because the non-profit is primarily funded by its members does not mean that the non-profit should incorporate as member-funded. ''Only those non-profits that are certain | A member-funded society is a special subset of non-profit societies. Incorporating as member-funded will be unusual for most groups of people who want to get together to do something to benefit the community. A member-funded society exists ''primarily'' for the benefit of its members. Some examples include golf courses or private benevolent organizations. Just because the non-profit is primarily funded by its members does not mean that the non-profit should incorporate as member-funded. ''Only those non-profits that are certain it will likely never receive sources of funds from anyone other than its members should consider doing so.'' | ||
In its constitution, the member-funded society must declare: “This society is a member-funded society. It is funded primarily by its members to carry on activities for the benefit of its members. On its liquidation or dissolution, this society may distribute its money and other property to its members.” | In its constitution, the member-funded society must declare: “This society is a member-funded society. It is funded primarily by its members to carry on activities for the benefit of its members. On its liquidation or dissolution, this society may distribute its money and other property to its members.” | ||