Monday, August 08, 2005

Err America: Is this really an Error???

re(1): 'Much More Ahead', The Radio Equalizer, Brin Maloney
re(2): 'Air Enron: Elite Media Blackout Continued',, Michael Malkin
re(3): 'Air America: Compare the Scandals',, Captain Ed
re(4): 'The Air out There', The Weekly Standard, Hugh Hewitt

What do you call a 501(3)c charitable organization that ‘loans’ money to a for-profit political company?

I do not know, but I do know you cannot call it a 501(3)c charitable organization…

While the Err America corporation can legally conceal their financial books from the public, folks should be aware that 501(3)c charitable organizations cannot. All incoming and outgoing disbursements between non-profit and for-profit entities not relating to standard expenses must be documented in the charitable organizations IRS Form 990 (much like your 1040 Income Tax Form). These forms must be made available at request to the public, as do the accounting books that lead to the financial derivations thereof. The ‘loan’ amount, description, and terms are declared on this form.

Needless to say, a 501(3)c charity cannot ‘loan’ money without interest to a political entity. Has Err America presented itself as a political entity?

Washing a million dollars through a non-profit (some of it public tax monies) might be something to look at. Maybe there is some other money laundering going on as well. If the orphans and grannies fund documented their generosity in an incomplete manner, than Spitzer would have the legal means and the legal responsibility to peek at Err America’s financial records – in detail.

Certainly that line will be an example of wonderful fiction. Will it match the lead paragraph in Dickens ‘Tale of Two Cities?

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