I'm not questioning the motivation. I'm just pointing out the tax authority might have issues with it being tied to consumption of a specific for profit provider if you want the tax exempt status
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I understand what you’re saying but the tax code doesn’t make that case. It says it can’t benefit one “individual” but it doesn’t have any limitations I can think of that would stop, for example, a school for using it for the benefit of its students only
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Replying to @AustenAllred @octal
Imagine if a specific brand of tenis racket maker stayed a non profit to give subsidized tennis balls to underprivileged buyers of its rackets...
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Or what if a for profit school started a nonprofit scholarship fund to help its students, like happens in nearly every school in the US? All 501c3
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Replying to @AustenAllred @octal
Nearly every school in the US is for profit?
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No, nearly every for profit school has a 501c3 scholarship fund
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Replying to @AustenAllred @octal
Ah, fascinating, I'm now super curious as to how they get around this. My guess is the 501c3 in theory at least is not school specific, combined with lax enforcement but I'm. Way out of my depth
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I’m 99% certain there’s nothing wrong with having a 501c3 tied to benefit a specific subset of people tied to a for profit corp. the funds can’t benefit a single specific person, but obviously that’s different
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I mean if my sister was going ITT Tech and she died I can absolutely start a 501c3 that will help more students attend ITT Tech
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Replying to @AustenAllred @nikete
I would be sad if your sister got scammed by ITT
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Haha me too. I’m trying to push to the ends of the law :)
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Fascinating thread
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