Classical Numismatics Discussion
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FORVM`s Classical Numismatics Discussion Board  |  Announcements and Help  |  Administration Announcements  |  Topic: How to keep the boards and NumisWiki up forever? 0 Members and 1 Guest are viewing this topic. « previous next »
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Author Topic: How to keep the boards and NumisWiki up forever?  (Read 219 times)
Joe Sermarini
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« on: January 03, 2020, 02:46:39 pm »

Let me start by saying I am not sick, retiring, quitting or anything else.

I have seen so many excellent websites disappear from the internet because of the death of the owner or some other issue. Menorah Coin Project, for example, is down now because the owner was the victim of a cyber attack and had to give it up. He donated it to the Israel Numismatic Society but it is still down today. (I have offered to host it free.)

I would like to see to it that this forum, the gallery, the fake coin reports, NumisWiki, the hosted sites, etc. stay online even if something happens to me. This months hosting bill was $675. I can't ask my wife to pay $675 a month after I am dead. I would like to say that the shop will continue to operate after I am gone and could continue to pay for the services, but right now nothing is in place for that.

I am wondering if is possible to create a nonprofit that would accept donations and charge FORVM ANCIENT COINS for hosting, pay the monthly bill to Amazon, and perhaps build up a fund to keep the site up regardless of what happens to me. Can a non-profit buy life insurance?

Any lawyers out there with ideas? 
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Joseph Sermarini
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« Reply #1 on: January 11, 2020, 02:51:41 pm »

Joe,

I know nothing about this area of law but found the following:

https://medium.com/@ryandgriggs/the-best-kept-financial-secret-for-non-profit-organizations-84e91ef5e7bb

https://philanthropynewsdigest.org/news/charities-invest-in-life-insurance-policies-to-generate-income

Those of us who appreciate the site hope that it outlasts all of us.

Stkp
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Meepzorp
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« Reply #2 on: January 11, 2020, 05:33:13 pm »

Hi Joe,

I always assumed that another coin dealer would assume control and ownership of Forum.

Wouldn't that be the easiest way?

I hope Forum doesn't cease to exist. I have so many years of my life invested in my website, which is hosted by your website.

Meepzorp
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Joe Sermarini
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« Reply #3 on: January 12, 2020, 06:53:11 am »

It is possible another dealer would take control.  It might be the easiest way. One way or another the site will continue without me.
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Joseph Sermarini
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« Reply #4 on: January 12, 2020, 09:43:10 am »

A nonprofit is certainly possible, but it requires a fair amount of effort to establish and to maintain.  You would need to:

1. Establish the corporation with an educational purpose and containing other provisions required by Internal Revenue Code 501(c)(3).  This is generally the easy part. However, you might need to sever the "for profit" coin business from the "nonprofit" Forum, Wiki etc to make this work.  Frankly. that may not benefit your ongoing business.

2. Apply to the IRS for 501(c)(3) tax-exempt status.  This is a lengthy process with a heavy application package.

3. Corporate maintenance: you need to file annual reports, tax returns (even nonprofits file annual tax documents) etc. to maintain the corporate entity and the tax exempt status.

4. Officers and Directors:  A corporation requires officers and directors.  These positions would be easy to fill while your family is in the picture.  If your family wants out of the organization, then a steady stream of volunteers would be required.  Treasurer would have to maintain books and records, make payments and coordinate tax filings etc.  I see this maintenance of a cadre of volunteers as the largest, long term obstacle.

Another possibility might be a trust, funded by life insurance, to maintain the non-business portions of the site.  This may be simpler, as you'd only need a trustee to manage things.
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Anaximander
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« Reply #5 on: January 13, 2020, 04:42:05 am »

That's certainly useful, and something to ponder. 

Perhaps a trust could eventually lead to a non-profit foundation, possibly an existing non-profit at that. 

The only U.S. numismatic non-profits I'm aware of are the ANS and the ACCG.  I shudder to think that coin clubs have to file for tax-exemption.   

The ANS is self-described as "Section 501(c)(3)" organization, and the ACCG is a "501(c)(4) organization involved in issues of lobbying and advocacy" and for whom "donations to the guild are generally not tax deductible on individual income tax returns. " 

Never too soon to plan ahead.
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Anaximander. Member Since 2019.
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