Marvel at the beauty of Michael Moore's 10,000 sq ft summer mansion!

DaveM said:
ALL Non Profits make money. Every. Single. Last. One.

Good info on getting a 501c3 non profit started:

"Nonprofits can also make money in ways that aren't related to their nonprofit purposes. Such unrelated business income is permissible and often essential to the survival of nonprofit organizations. "

Nonprofit Corporations Can Do Good Works and Make Money, Too, Non-Profit Article - Inc. Article | Inc.com
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Yes, they do. Who said non-profits have to be in the red?
 
TXgolfer said:
Umm....you get statements from your Mutual Funds as well.....or you should anyway
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Yes I can do that and I don't care to. You can't really say "hey invest in Halibourton. I hear it's gonna be gold."

you'll have to do it yourself via online trading site or call your broker.
 
DaveM said:
ALL Non Profits make money. Every. Single. Last. One.

Good info on getting a 501c3 non profit started:

"Nonprofits can also make money in ways that aren't related to their nonprofit purposes. Such unrelated business income is permissible and often essential to the survival of nonprofit organizations. "

Nonprofit Corporations Can Do Good Works and Make Money, Too, Non-Profit Article - Inc. Article | Inc.com
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and?

are you trying to say that Michael Moore used his non-profit foundation to make a profit to buy a house? for his personal use?
 
deafskeptic said:
Ok.. so he wasn't a self made man?
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Well, he bought a textile mill and turned it into a investment management firm, which would be Berkshire Hathaway. He started investing at the old ripe age of 11.
 
A perfect example of how celebrities profit from "non-profits" is Bono's charity ONE:

The non-profit organisation set up by the U2 frontman received almost £9.6million in donations in 2008 but handed out only £118,000 to good causes (1.2 per cent).

The figures published by the New York Post also show that £5.1million went towards paying salaries.

Read more: Bono's ONE foundation under fire for giving tiny percentage of funds to charity | Mail Online

All 100% legal under 501c3 status.
 
deafskeptic said:
Ok.. so he wasn't a self made man?
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I'm just saying that he got rich from his own investment style - a long-term stock.

many investors are using "get-rich-quick" style and that's why their wealth is short-lived and that's why Warren Buffet is an old fart :lol:
 
Jiro said:
I'm just saying that he got rich from his own investment style - a long-term stock.

many investors are using "get-rich-quick" style and that's why their wealth is short-lived and that's why Warren Buffet is an old fart :lol:
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He also refuses to invest in anything related to technology because he prefers to invest in something that he understands.
 
Jiro said:
and?

are you trying to say that Michael Moore used his non-profit foundation to make a profit to buy a house? for his personal use?
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That seems to be what they are trying to imply, but they won't come right out and say it because they know it's a lie.

I smell fear and intellectual dishonesty. With a bit of plagairism on the side.
 
Banjo said:
Well, he bought a textile mill and turned it into a investment management firm, which would be Berkshire Hathaway. He started investing at the old ripe age of 11.
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Ah. Now I wonder how a 11 years old can invest in stuff. He must not have come from a poor family.
 
DeafBadger said:
Reality will continue its merry way when I am dead and no longer interpreting. It doesn't need me.
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Then it seeks to exist for you and becomes the subjectively interpreted reality of those who are still around to interpret it.

Like I said, without interpretation, it doesn't exist.
 
DaveM said:
A perfect example of how celebrities profit from "non-profits" is Bono's charity ONE:

The non-profit organisation set up by the U2 frontman received almost £9.6million in donations in 2008 but handed out only £118,000 to good causes (1.2 per cent).

The figures published by the New York Post also show that £5.1million went towards paying salaries.

Read more: Bono's ONE foundation under fire for giving tiny percentage of funds to charity | Mail Online

All 100% legal under 501c3 status.
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"Nonprofit" is a misnomer for a corporation or organization. Really it should be called "tax exempt" corporation, for example.
 
Banjo said:
He also refuses to invest in anything related to technology because he prefers to invest in something that he understands.
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Yeah I read in one of his books years ago that he would not invest in a business unless he knew enough to run it himself.
 
jillio said:
Then it seeks to exist for you and becomes the subjectively interpreted reality of those who are still around to interpret it.

Like I said, without interpretation, it doesn't exist.
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I feel like I'm on an acid trip in Wonderland. :giggle:
 
deafskeptic said:
Ah. Now I wonder how a 11 years old can invest in stuff. He must not have come from a poor family.
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He still lives in the house he bought in 1958. He paid $31,500 for it. From what I read, it's 6,000 sq. ft. It's a big house and quite a little expensive back in 1958. However, it is nothing compared to the huge and expensive mansions the millionaires today are buying. In fact, it's not even a gated property that he lives on. He is not your typical billionaire, and he drinks a lot of coke on a daily basis.

In fact, he was one of the very few investors who refused to invest in the internet during the 90s. He got made fun of quite a bit for that, but he had the last laugh once the dot.com bubble burst. As a result, his profits doubled while a large number of investors lost money and even went bankrupt.
 
TXgolfer said:
Yeah I read in one of his books years ago that he would not invest in a business unless he knew enough to run it himself.
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Which is a wise philosophy to live by. Don't invest in something you know nothing about.
 
kokonut said:
"Nonprofit" is a misnomer for a corporation or organization. Really it should be called "tax exempt" corporation, for example.
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perhaps we should stick with facts at hand.

from DaveM's link
Because these activities are educational, they do not jeopardize the group's tax-exempt status. It may use its tax-free profits for its own operating expenses (including salaries for officers and staff) or for the benefit of the library. What it cannot do is distribute any of the profits for the benefit of officers, directors or employees connected with Friends of the Library - as dividends, for example.

Nonprofits can also make money in ways that aren't related to their nonprofit purposes. Such unrelated business income is permissible and often essential to the survival of nonprofit organizations. But it is subject to taxation, under state and federal corporate tax rules.

It's best not to let unrelated business activities reach the point where the group starts to look like a regular commercial business. Unrelated business activities shouldn't absorb a substantial amount of staff time, require additional paid staff or volunteers to run them, or produce much more income than your exempt-purpose activities and services generate.
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so did Michael Moore's non-profit foundation do such thing?
 
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