[Imc] Finance Group Meeting Minutes (8/21/02):

[John Wason]

At 12:33 PM 08/23/02 -0500, Sascha Meinrath wrote:

>Finance Group Meeting Minutes (8/21/02):
>
>Attending: Paul R., Sascha M., Mike L.

[ ... ]

>Buying the building: due to a family emergency, the Beavers would like to
>sell their building ASAP; the finance group discussed this issue and some
>length.  Generally, the group supports the idea and the following concerns
>were raised:
>
>1. Lasers Edge would like to sign a long-term lease on their space.
>2. Landlord status could be construed as counter to the IMC's mission and
>barter agreements (instead of rent) should be encouraged if fiscally
>possible.
>3. What is the state of the roof, water dammage in the northwest corner of
>the building, and the front facade -- are any of these concerns pressing?

With regard to number 2 above, I'm wondering what is the precise nature of
the concern.  For tax purposes, the IRS construes barter in exactly the
same way that it construes cash transactions.  But if you take the income
from rent and put it into the eleemosynary work of the IMC, you're still a
non-profit organization.  And frankly, the IMC needs all the cash income it
can get to help defray (a) the purchase of the building and (b) normal
monthly operating expenses. 

John