https://omnicommons.org/mediawiki/index.php?action=history&feed=atom&title=Event%3A2015%2F07%2F20_Until_the_Revolution_Working_GroupEvent:2015/07/20 Until the Revolution Working Group - Revision history2026-04-24T05:43:32ZRevision history for this page on the wikiMediaWiki 1.37.2https://omnicommons.org/mediawiki/index.php?title=Event:2015/07/20_Until_the_Revolution_Working_Group&diff=3801&oldid=prevTunabananas: uploaded 7/20 'until the revolution' wg mtg notes2015-07-21T21:21:04Z<p>uploaded 7/20 'until the revolution' wg mtg notes</p>
<p><b>New page</b></p><div>7/20 "Until the Revolution" Meeting<br />
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= Attendees =<br />
* Laura, Jenny, yar, Robb<br />
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= Thursday's Presentation =<br />
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== Present current situation == <br />
* Update from Finance WG<br />
* We have a major donor and a lender who's willing to finance the entire cost of the building ($1.95 million)<br />
* Our option to purchase exists for certain for the next 2 years (July 2017).<br />
* Current legal entity structure: We're a California nonprofit applying to become a full 501c3. Food Not Bombs is our current fiscal sponsor. <br />
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== Background on our process up until now ==<br />
* Berkeley Business Law student practicum<br />
** Recommendation: Create a for-profit subsidiary that would manage rental of the space, given that rental income cannot count as nonprofit income.<br />
* Discussion with lender<br />
** Recommendation: Contractual agreement with another 501c3 that would hold us accountable to our values. Concerned about mortgages and refinancing.<br />
* Discussion with Jesse<br />
** Recommendation: Contractual agreement with a 501c3 Community Land Trust that owns the property (Omni's 501c3 owns the building)<br />
* Discussion with the Sustainable Economies Law Center<br />
** Recommendation: Trust owns the building, 501c3 is trustee, operating for the benefit of a broad class of people<br />
* Regular Fundraising meetings for the past two months<br />
** Recommendation: Community Land Trust agreement - CLT owns the land, Omni as 501c3 owns the building<br />
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== FAQ ==<br />
Hi, we're the fundraising WG, aka "buy the building" aka "until the revolution". People want to give us money but we need to decide a legal structure first. Right now we're a CA nonprofit and haven't applied for 501c3. We need to choose a structure that will make the donors and lenders trust us enough to give us the money. Fundraising WG thinks we should decide to incorporate as a 501c3, and give the land beneath the Omni to a Community Land Trust. We'd still own the building, and lease land from the CLT for $1/century.<br />
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*FAQ #: Who are these people with money?<br />
*FAQ #: What's the timeline? Soon! Working groups may need to take fast action <br />
*FAQ #: What is a Community Land Trust? Is it like a regular trust?<br />
*FAQ #: What are the alternatives?<br />
*FAQ #: Why is CLT the best option?<br />
*FAQ #: What are the different CLTs?<br />
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=Delegate Proposals to be consented upon on 8/6=<br />
* PROPOSAL: Delegates meetings back to convening weekly<br />
* PROPOSAL: Omni Oakland Commons should apply for federal 501c3 status<br />
* PROPOSAL: finance & fundraising can act quickly to buy the building<br />
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=Outstanding Questions=<br />
* 501c2 inquiry to Jesse<br />
* "501c3 has to rent property (as a landlord)at market rate" Can Sarah send the IRS regulation?<br />
* Ask Jesse to send us a list of land trusts in order of his top recommendations<br />
* Read through the lease, figure out which clauses are relevant to buying the building, what loose threads still remain such as reimbursing our permit expenses, and ask Jesse to help<br />
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=Action Items=<br />
* Print the handouts (Jenny)</div>Tunabananas