Share Network Foundation - Page 3




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          purpose is that set forth in the articles.  The bylaws further              
          state that "Nothing herein contained shall be construed to                  
          prevent any Director from receiving compensation for services to            
          the Corporation rendered in a capacity other than Director."                
               On November 4, 1993, petitioner filed with the Commissioner            
          a Form 1023, Application for Recognition of Exemption Under                 
          Section 501(c)(3) of the Internal Revenue Code (application), in            
          which it sought recognition as a tax-exempt entity.  The                    
          application reported that petitioner's activities were:  (1) A              
          church, synagogue, etc., (2) an association or convention of                
          churches, and (3) missionary activities.  The information that              
          petitioner provided to the Commissioner on and with the                     
          application was vague as to the specifics of these activities.              
          The application indicated that petitioner had not currently begun           
          any activity, except for organizational activities.  As to                  
          sources of financial support, the application stated:                       
               At the present time this organization does not have any                
               procedure for the generation of income other than * * *                
                          *    *    *    *    *    *    *                             
                    (a) Direct donations from the general                             
                         public at large,                                             
                    (b) Larger sums from various fund                                 
                         raising activities,                                          
                    (c) A possible "thrift store" type                                
                         operation, and                                               
                    (d) Donations of property (both                                   
                         personal and real) which can be                              
                         turned into cash, and                                        



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Last modified: May 25, 2011