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9.20.2005

What Does That Mean?

In all the talk about the Careflite proposal, this small "fact" causes me some confusion: "CareFlite, a non-profit corporation based in Grand Prairie". I suppose they pay big salaries to their execs, and I suppose they charge big fees for their service. How are they different than a regular corporation?

8 comments:

Atticus said...

Possible that they are set up as they are because they lose money and they are exposed to some big liability given the business they are in.

Anonymous said...

Yeah, and they have a 401K plan, number crunchers, consultants, perks, 100% health care insurance, attorneys, accountants, computer support, golden parachutes, non-profit profit sharing plan, bonuses, retirement and employee incentives! And they wear expensive suits!!!

Anonymous said...

A Not-for-profit corporation is a corporation created by statute, government or judicial authority that does not issue stock. It is created with a specific purpose, educational, charitable or related to other enumerated purposes, it may be a foundation, a charity or other type of non-profit organization. Such a corporation is subject to the general laws of corporations as adapted. In some cases it may also be a public corporation. In many countries these entities are subject to exemption from various tax laws, in certain circumstances. Regarding the more general group of organizatons created for non-remunitary purposes see: Non-profit organization. Regarding US tax law applying to these organizations see: intermediate sanctions, unrelated business activities.

(Source: Wikipedia.org)

Anonymous said...

A nonprofit corporation is created by filing articles of incorporation with the secretary of state in accordance with the Texas Non-Profit Corporation Act ("TNPCA"), articles 1396-3.02 amd 1396-3.03. "Non-profit corporation" means a corporation no part of the income of which is distributable to members, directors, or officers [TNPCA, article 1396-1.02A(3)]. A nonprofit corporation may be created for any lawful purposes, which purposes must be fully stated in the articles of incorporation. Not all nonprofit corporations are entitled to exemption from state or federal taxes.

(Source: www.sos.state.tx.us/corp/nonprofit_org.shtml)

Not sure what happens to their income?

Anonymous said...

Not sure what happens to their income....they don't pay taxes!!! They pay big salaries.

Anonymous said...

Look up Halliburton. They are a non profit corporation. That should explain a few things, if you already know about them and their dealings with the Bush administration.

Anonymous said...

Can you people read. It is a company that has no one to distribute earnings to. So they would have no need to make a profit.

Anonymous said...

Yes Anon at 4:23 we can read. In any business you have income and expenses, even the Red Cross. When you back out expenses from income you have profit. In the Red Cross's case they just have more money to give to the needy next year. In Careflight's case what do they do? My guess is the increase the compensation of their top people. Kind of like are county commissioners.