[Mpls] CCHT & non profit disclosure

[steven meldahl]

Greg Luce indicates that the Web site with the Attorney General's office is just loaded with information on non profits and their finances.  These form 990s do not disclose anything of substance or value.   Can you imagine going to a bank to borrow money and all you brought was the same information as contained on the 990 form?  Of course not!  Since we taxpayers in the real world are one of the lenders (ie banks) , the non profits involved in building and or renovating housing should disclose the same information to the lender (ie taxpayers).  This would include proforma cash flow statements, balance sheets, and profit and loss statements on each and every project that they have in inventory and on all proposed projects - just like us in the real business world.    As stated in the Guide to Minnesota's Charities Laws, "The primary goal of the Minnesota Charitable Solicitation Act is to make organizations that hold or solicit funds for charitable purposes accountable to the public for management of the funds".  Even Mike Hatch told me that these form 990s certainly are very vague at the least.  He also was surprised that it states right on the signature page that a charitable organization is not required to file a list of its donors.  Look for changes at the legislature somewhere in the near future on this.   Steve Meldahl 3rd ward (work)