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private inurement

Polish translation: korzysc osobista

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:private inurement
Polish translation:korzysc osobista
Entered by: Piotr Kurek

09:11 Jul 2, 2002
English to Polish translations [PRO]
Law/Patents
English term or phrase: private inurement
lobbying and legislative matters, and unrelated business taxable income and private inurement
ZUZA
United Kingdom
Local time: 15:36
korzy¶ć osobista
Explanation:
Section 501(c)(3) prohibits using a tax-exempt organization for the private gain of an individual, defines a charitable organization (as opposed to religious, educational, scientific, etc.) as organized and operated primarily for charitable purposes, "no part of the net earnings of which shall inure to the benefit of any individual..." The concept of private inurement inherent in the organization of a stock corporation is completely contrary to an organization receiving 501(c)(3) status. Therefore, any activity undertaken by a 501(c)(3) organization that serves a private rather than a public interest is violative of the nature of a charitable organization.

Example: Prior to becoming a board member of the Neighborhood CDC, Mr. Smith bought some vacant land on speculation (the "Parcels") in the Neighborhood for a total purchase price of $30,000. He subsequently joined the board of Neighborhood CDC, which became interested in acquiring the Parcels as sites for new house construction. The market price of the Parcels had clearly fallen to between $15,000 and $10,000. At the time the sale was proposed, Mr. Smith owed outstanding mortgage debt on the property of approximately $20,000. A sale of the Parcels for $20,000 was proposed by Mr. Smith to the Board. Mr. Smith did not adequately disclose his conflict to his fellow Board members, and was an influential member of the Board. He voted in favor of the sale at a meeting in which the bare minimum for a quorum was present. Mr. Smith then executed the purchase and sale agreement on behalf of both parties to the transaction, and completed the conveyance

Selected response from:

Piotr Kurek
Local time: 16:36
Grading comment
4 KudoZ points were awarded for this answer



Summary of answers provided
4użytek prywatny / spożytkowanie dla celów prywatnych
bartek
4korzy¶ć osobista
Piotr Kurek


  

Answers


7 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
użytek prywatny / spożytkowanie dla celów prywatnych


Explanation:
użycie na cele prywatne
inure w Merriam-Wbster - 'taking advantage' spożytkowanie, wyciągnięcie korzyści

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Note added at 2002-07-02 09:21:53 (GMT)
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http://www.ecfa.org/ECFA/ContentEngine.asp?Page=Comment4
\"Furthermore, exempt organizations should not use exempt resources for personal gifts because this violates exempt-purpose use and represents either private benefit or inurement.\"

http://sago.tamu.edu/soba/TaxManual/Prvinur.html

Inurement
Inurement occurs when a transaction or exchange occurs whereby an individual with a personal interest in the exempt organization activities acquires economic gain through the use of funds or assets of that exempt organization. It should be noted that there is nothing wrong with \"insiders\" transacting with the exempt organization, as long as reasonable compensation at fair market values is exchanged.


http://www.cshco.com/letters_read.asp?ID=177&Newsletter=7
Private inurement is a significant danger for not-for-profit organizations. Private inurement is defined as using an organization’s assets or earnings for the benefit of an insider instead of for the good of the organization or its constituents.



bartek
Local time: 16:36
Native speaker of: Polish
PRO pts in pair: 24751
Login to enter a peer comment (or grade)

13 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
korzy¶ć osobista


Explanation:
Section 501(c)(3) prohibits using a tax-exempt organization for the private gain of an individual, defines a charitable organization (as opposed to religious, educational, scientific, etc.) as organized and operated primarily for charitable purposes, "no part of the net earnings of which shall inure to the benefit of any individual..." The concept of private inurement inherent in the organization of a stock corporation is completely contrary to an organization receiving 501(c)(3) status. Therefore, any activity undertaken by a 501(c)(3) organization that serves a private rather than a public interest is violative of the nature of a charitable organization.

Example: Prior to becoming a board member of the Neighborhood CDC, Mr. Smith bought some vacant land on speculation (the "Parcels") in the Neighborhood for a total purchase price of $30,000. He subsequently joined the board of Neighborhood CDC, which became interested in acquiring the Parcels as sites for new house construction. The market price of the Parcels had clearly fallen to between $15,000 and $10,000. At the time the sale was proposed, Mr. Smith owed outstanding mortgage debt on the property of approximately $20,000. A sale of the Parcels for $20,000 was proposed by Mr. Smith to the Board. Mr. Smith did not adequately disclose his conflict to his fellow Board members, and was an influential member of the Board. He voted in favor of the sale at a meeting in which the bare minimum for a quorum was present. Mr. Smith then executed the purchase and sale agreement on behalf of both parties to the transaction, and completed the conveyance




    Reference: http://www.liscnet.org/resources/2000/06/taxexemption_576/in...
Piotr Kurek
Local time: 16:36
PRO pts in pair: 1716
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