Legal Structure
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Type of Organization
The residential community shall be a Non-Profit Educational Institution 501(c)(3) Public Charity
Board of Directors
- Lisa McClanahan
- Dania Heffington
- Holmes Bryant
Officers
- Coordinator: Lisa McClanahan
- Secretary: Holmes Bryant
- Treasurer: Dania Heffington
Land Ownership
The land itself is currently owned by Lisa Mclanahan.
Treasury Mechanics
The community's primary source of income comes through the operation of a retreat center.
The community provides for the basic needs of its members (housing, food) while the retreat center provides the income necessary to accomplish this.
The community may participate in a lease-to-own agreement with Lisa McClanahan in order to reduce the financial burden on Lisa. This discussion has not happened yet, the lease-to-own agreement has not been drafted yet and the discussion around whether the land will be held in a community land trust has not happened yet.
Details of the Lease-To-Own arrangement
The IRS strictly prohibits "insiders" from siphoning charitable assets. In order to comply with applicable laws:
- The community will aquire a professional, independent appraisal to establish the property's current fair market value.
- The lease payments and final purchase price are below market rates for the area.
- The community has a robust Conflict of Interest Policy
- Ms. McClanahan will not participate in the discussion or the vote regarding the purchase.
- A majority of the board members who have no financial stake in the deal will meet to determine that the transaction is in the best interest of the community's mission.
- Detailed board minutes will record the disclosure of the conflict, the research into alternative properties, and the justification for the final price.
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