Re: D&O insurance, non-profit, Incorporation.
Re: D&O insurance, non-profit, Incorporation.
- Subject: Re: D&O insurance, non-profit, Incorporation.
- From: "Christopher J. Keller" <email@hidden>
- Date: Tue, 10 Jun 2003 13:45:49 -0700
Excuse me for any humor which may or may not be purposefully:
We are wrestling with these issues right now ourselves and we have
found out some interesting things:
1. It takes at least some profit to become non-profit, by default
everyone is profit unless they spend the money to prove otherwise.
2. There are several kinds of liability, the amount is not important,
it's the coverage. There seems to be a big difference between:, a
slip and fall, bad information given to a member and everyone not
winning the iBook they deserve. (It also seems that all of these
rules are set up by attorneys, and they will be the ones suing you.)
3. You will always have a member of the board on each end: Go loose
and wild, nothing will happen and I will not be involved unless you
spend the money to make incorporation, non-profit and liability
protection happen.
4. I do NOT believe that D&O's of non-profits are exempt, they sued
the president of United Way here! (Remember we are speaking of
Attorneys here.)
What I am trying to say in all of this is it seems that we are taking
the road less traveled. I don't understand it but it seems that along
this road there are lots of seedy characters and snake oil salesmen
who say, yeah we can do it for you for wholesale. We have board
members saying, "I will see my attorney friend, he will do it for
very little" and I can't get a straight answer from any of them.
For my part, I see augd as the perfect place to find out more about
these sorts of things that we need to do only once, since none of us
is an expert.
This doesn't even start to discuss the issue of non-profit vs the
groups by-laws. Do any of your by-laws say: Mac assistance or
something similar? You are not non-profit. Have any of you sold a
disk for more then it costs? You are not non-profit. All of these
things can be overcome but there are so many hard to comprehend
limitations that it takes energy away from the reason we got involved
in these group.
As a related note: What happened to "Just Add Water" and "Just Add
Water - Finances" and wasn't there a third on organization? These
were Apple UGR publications from about 3 verys of the program ago
that had many of these issues discussed.
Sorry, I wasn't trying to make things worse here, I was just trying
to related my MANY experiences with these situations.
At 1:28 PM -0600 6/10/03, John McIntosh wrote:
Most states have laws exempting D&O of non-profits from liability.
Colorado does.
John
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Chris Keller
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http://www.SGVMUG.org/
San Gabriel Valley Macintosh User Group Webmaster & ListMaster
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