Your $$$ Needed To Keep The Southern Region Open

[Cliff Heindel]

(shhh, its secret)

[captain static]

SECTION 1.3: Corporate Records. A copy of the ORGANIZATION’S Articles of Incorporation and By Laws, as amended to date, shall be kept at the ORGANIZATION’S principal office and available for inspection at all reasonable times during office hours.

If anyone is truly interested in obtaining a copy of the By Laws of the RRGCC they are free to request so from either myself or RRGCC President, Dr. Bob Matheny.

Bill Strachan, Executive Director
Red River Gorge Climbers' Coalition

[ynp1]

i was just wondering what happens if anything happened to the RRGCC and it all falls a part? not that i want that to happen at all. Thanks for all the info.

[TrueNorth]

Perhaps I can help answer your question. The Red River Climbers’ Coalition, Incorporated was incorporated as a Kentucky Incorporation 9/3/03. You can find this information at http://apps.sos.ky.gov/business/obdb/(b ... 9&cs=99999

I’m unsure if they functioned as a legal entity before that date (they may have, I just don’t have that information). This is phase one of becoming a non-profit organization. After establishing your company as a legal entity in a given state, you then apply to the IRS for a non-profit status. Included in this application is your company’s purpose and distribution of assets if the organization fails. The IRS will only approve your application if this clause stipulates; if the organization fails, the assets are distributed to another non-profit organization or local, state or federal government (there may be additional methods of distribution, but this is the general idea).

It is my understanding the coalition has applied to the IRS and is still waiting for an approval. If rejected they either rewrite the application and reapply, file a legal protest or become a “for profit” organization. For those asking, is the RRGCC a non profit now? Technically, not at this time (the State doesn’t care, the IRS does). However, if they are approved it is retroactive back to their filing date. They may have been approved, but I haven’t heard nor did I see mention of this fact on their web.

Bill should be able to tell you the exact language of the “distribution of assets” clause included in their application. Leaving this out of the Articles of Incorporation is the most common reason for rejection by the IRS.

The information provided is based on my involvement with other non-profit organizations not the RRGCC. Information regarding the RRGCC and their current status should really come from Bill or Bob.

[ynp1]

thanks man, that helps a lot. thanks for doing all that looking for me.

[littleboxes15]

$13,835.27

That's more than half way to our goal, in less than 2 months Great Job everybody. Keep up the good work.

[Artsay]

Thanks much!

We have tons more stuff in the works so keep checking the link on the front page of this site for more info on events and sale items. And keep spreading the word!!!

[captain static]

Bill should be able to tell you the exact language of the “distribution of assets” clause included in their application. Leaving this out of the Articles of Incorporation is the most common reason for rejection by the IRS.

ARTICLE VIII—Tax Exemption Provision SECTION 3: Distribution of Assets. Upon the dissolution of this ORGANIZATION, its assets remaining after payment, or provision for payment, for all debts and liabilities of this ORGANIZATION shall be distributed for one or more exempt purposes within the meaning of Section 501(c)(3) of the Internal Revenue Code or shall be distributed to the federal government, or to a state or local government, for public purpose. Such distribution shall be made in accordance with all applicable provisions of the law of this state.

The RRGCC's application to the IRS for recognition as a 501(c)(3) tax-exempt organization was submitted in June 2005. Our review has been somewhat delayed due to priority being given to applications submitted for hurricane Katrina relief. We just found out that our application has finally been assigned to a reviewer.

I'm truly psyched to see that we have passed the half way mark towards our $27,000 goal! Thanks to everyone for making this happen.

Bill

[maine]

I was curious if the money already received was being applied immediately to the loan. I hope so as it would seriously help in not paying so much interest on the loan.

Boy can I tell my dad raised me . . . he is a CEO of a financial institution and preaches constantly on smart money management. IE a 30 year mortgage could be payed off in 22 years by making one extra monthly payment per year. Additonally paying your mortgage twice a month (1/2 each time) saves you serious cash. Anyway just hoping that the money was not just sitting in some bank account right now while the interest continues to fly!

[Paul3eb]

from shannon's post on rrgcc.org

The RRGCC owns the PMRP. It was purchased Jan 20, 2004 and the deed is recorded in the Lee County Clerk’s office. The purchase was “owner financed” whereby the owner, Mrs. Mattie Murray allows the RRGCC to pay her directly under the conditions of a promissory note, with favorable terms, instead of going through a bank, or other lender. So in that sense, the deal is sealed. However, each year the RRGCC has to make the note payment of approximately $29,400 to Mrs. Murray until 2013 to complete the contract.

it's not exactly a loan (i don't believe) but it is paid in incriments and there is interest factored into the payments. payments are due in june and all the money we raise goes to those payments (about $29,400 each june). we can, however, pay it off early and save ourselves tens of thousands in saved interest. but we have to work hard to do that and we need to get the word out now..[see below for clarification]

if i messed up, please correct me..