Marvel at the beauty of Michael Moore's 10,000 sq ft summer mansion! - Page 4

**deafskeptic** · 11-15-2011, 11:28 PM

Quote:

Originally Posted by TXgolfer

Yup

Would such a business be a 501(c) by any chance?

kokonut · 11-15-2011, 11:28 PM

This is rather amusing. Provision in the IRS does not prohibit profits! They just limit the use of those profits.

**TXgolfer** · 11-15-2011, 11:28 PM

Quote:

Originally Posted by Jiro

that's what online trading sites like ameritrade and etrade are for. You are free to invest in whoever you want at your own choice.

but I don't want to deal with that and I want to get rich by the time I retire and be part of 1%

and that's what mutual fund is for. Put in money and forgetaboutit

people lost money because they are clueless on how to invest. that's why my brother laughed at the thought of online trading sites. pros? you get to trade yourself from your home without using middle man. cons? since too many clueless people are in it like it's casino festival, the volatility of stock market is greater. nobody got robbed.

a small yay... I just checked - my net change since previous quarter has gone up by $514.00. what a piddly amount. and no I do not know what companies my money was invested in for that gain but it's of no concern to me and same for Michael Moore. To continue harping on his Halibourton stock is nothing but a silly trifle in attempt to silence him when he is right on big picture.

delicious.

Umm....you get statements from your Mutual Funds as well.....or you should anyway

jillio · 11-15-2011, 11:29 PM

Quote:

Originally Posted by DaveM

Jillio, will you just not agree with anything that shakes up your worldview? That's a religious-like faith towards politics!

I spent too many years expanding my world view. Perhaps you should try the same. Yours is extremely narrow.

**Jiro** · 11-15-2011, 11:29 PM

Quote:

Originally Posted by deafskeptic

I believe that Warren made a fortune because he knew the industry insurance inside out.

it's because his wealth came from old stocks... like Coca Cola. took him a long time to get to this point.

DaveM · 11-15-2011, 11:29 PM

Quote:

Originally Posted by deafskeptic

Pay attention to the bolded and underlined parts.

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

jillio · 11-15-2011, 11:29 PM

Quote:

Originally Posted by kokonut

This is rather amusing. Provision in the IRS does not prohibit profits! They just limits the use of those profits.

And again, you are wrong, as has already been shown.

**Beowulf** · 11-15-2011, 11:29 PM

Quote:

Originally Posted by jillio

Reality is subjective. It doesn't exist without interpretation.

Reality abhors interpretation.

jillio · 11-15-2011, 11:30 PM

Quote:

Originally Posted by DaveM

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

Unrelated business. Duh. Do you even read before you post?

jillio · 11-15-2011, 11:30 PM

Quote:

Originally Posted by Beowulf

Reality abhors interpretation.

**deafskeptic** · 11-15-2011, 11:31 PM

Quote:

Originally Posted by DaveM

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

Yes, they do. Who said non-profits have to be in the red?

**TXgolfer** · 11-15-2011, 11:33 PM

Quote:

Originally Posted by deafskeptic

Would such a business be a 501(c) by any chance?

No

**deafskeptic** · 11-15-2011, 11:34 PM

Quote:

Originally Posted by Jiro

it's because his wealth came from old stocks... like Coca Cola. took him a long time to get to this point.

Ok.. so he wasn't a self made man?

**Jiro** · 11-15-2011, 11:37 PM

Quote:

Originally Posted by TXgolfer

Umm....you get statements from your Mutual Funds as well.....or you should anyway

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.

**Jiro** · 11-15-2011, 11:38 PM

Quote:

Originally Posted by DaveM

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

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?

**Banjo** · 11-15-2011, 11:40 PM

Quote:

Originally Posted by deafskeptic

Ok.. so he wasn't a self made man?

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.

DaveM · 11-15-2011, 11:40 PM

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.

**Jiro** · 11-15-2011, 11:40 PM

Quote:

Originally Posted by deafskeptic

Ok.. so he wasn't a self made man?

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

**Banjo** · 11-15-2011, 11:40 PM

Quote:

Originally Posted by Jiro

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

He also refuses to invest in anything related to technology because he prefers to invest in something that he understands.

jillio · 11-15-2011, 11:41 PM

Quote:

Originally Posted by Jiro

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?

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.

**DeafBadger** · 11-15-2011, 11:41 PM

Quote:

Originally Posted by jillio

Reality is subjective. It doesn't exist without interpretation.

Reality will continue its merry way when I am dead and no longer interpreting. It doesn't need me.

**deafskeptic** · 11-15-2011, 11:43 PM

Quote:

Originally Posted by Banjo

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.

Ah. Now I wonder how a 11 years old can invest in stuff. He must not have come from a poor family.

jillio · 11-15-2011, 11:46 PM

Quote:

Originally Posted by DeafBadger

Reality will continue its merry way when I am dead and no longer interpreting. It doesn't need me.

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.

kokonut · 11-15-2011, 11:46 PM

Quote:

Originally Posted by DaveM

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.

"Nonprofit" is a misnomer for a corporation or organization. Really it should be called "tax exempt" corporation, for example.

**deafskeptic** · 11-15-2011, 11:47 PM

Quote:

Originally Posted by TXgolfer

No

Ok, so it isn't a 501(c). Is it some other 501(x)?

**TXgolfer** · 11-15-2011, 11:48 PM

Quote:

Originally Posted by Banjo

He also refuses to invest in anything related to technology because he prefers to invest in something that he understands.

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.

**deafskeptic** · 11-15-2011, 11:48 PM

Quote:

Originally Posted by jillio

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.

I feel like I'm on an acid trip in Wonderland.

**Banjo** · 11-15-2011, 11:49 PM

Quote:

Originally Posted by deafskeptic

Ah. Now I wonder how a 11 years old can invest in stuff. He must not have come from a poor family.

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.

**Banjo** · 11-15-2011, 11:49 PM

Quote:

Originally Posted by TXgolfer

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.

Which is a wise philosophy to live by. Don't invest in something you know nothing about.

**Jiro** · 11-15-2011, 11:51 PM

Quote:

Originally Posted by kokonut

"Nonprofit" is a misnomer for a corporation or organization. Really it should be called "tax exempt" corporation, for example.

perhaps we should stick with facts at hand.

from DaveM's link

Quote:

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.

so did Michael Moore's non-profit foundation do such thing?

11-15-2011, 11:28 PM	#92 (permalink)
kokonut Registered User Join Date: Jul 2006 Posts: 15,348	This is rather amusing. Provision in the IRS does not prohibit profits! They just limit the use of those profits. __________________ Before AD. After AD. "Restriction on free thought and free speech is the most dangerous of all subversions. It is the one un-American act that could most easily defeat us." -Thurgood Marshall, former Supreme Court Justice "... turns out they are telling the truth."

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11-15-2011, 11:40 PM	#107 (permalink)
DaveM Registered User Join Date: Nov 2011 Location: North East Posts: 152	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.