Please remember we cannot form a wholly owned philanthropic subsidiary, because no one can own a nonprofit organization.
However, you can form a wholly controlled philanthropic subsidiary that can most likely apply for and obtain recognition of charitable exempt status under Section 501(c)(3) if it will be operated exclusively for charitable purposes.
We need to be very careful to assure philanthropic subsidiary acts as a charity and about transfering funds between/within GVACC. Charitable money should not be used for trade association purposes.
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