For non-profits (like 501(c)(3)'s) that's not unusual. Non-profits are more like specialized tools for the board of directors than like companies.
Source: First ten years of my career were at non-profits.
That's an abuse of non-profits for financial engineering. They're intended to work exactly like companies, except without a monetary profit for shareholders.
Source: Got plenty of blank stares when I tried to set up a non-profit, "you're not yet big enough to think about tax evasion", they'd keep telling me 😒
For non-profits (like 501(c)(3)'s) that's not unusual. Non-profits are more like specialized tools for the board of directors than like companies.
Source: First ten years of my career were at non-profits.
That's an abuse of non-profits for financial engineering. They're intended to work exactly like companies, except without a monetary profit for shareholders.
Source: Got plenty of blank stares when I tried to set up a non-profit, "you're not yet big enough to think about tax evasion", they'd keep telling me 😒
Them's who has the gold, makes the rules.