By Brian Peterson, SHARE Deputy Director, Governance
SHARE began as the first-ever enterprise IT user group back in 1955, and for many years operated its conference events under “SHARE Inc.”, a not-for-profit Delaware-based corporation that is subject to both state and federal corporate income taxes. Over the years, SHARE Inc. has paid tens of thousands of dollars in these taxes.
In 2016, SHARE’s Board of Directors created a new not-for-profit Delaware corporation “SHARE Association” which has been granted tax-exempt status under Internal Revenue Code section 501(c)(6) “business league”. SHARE Association’s initial operations have been to perform various services as a subcontractor for North Carolina A&T’s LEAD-IT contract with the US Department of Labor.
Later this year, our Board will request the permission of SHARE’s Membership to transfer the assets of SHARE Inc. to SHARE Association This would mean that in the future, SHARE would be able to operate under our new corporate entity that is exempt from state and federal corporate income taxes.
At SHARE Providence in August, we have planned a Town Hall presentation where SHARE’s attorney will describe for the Membership the process of transitioning operations to our new tax-exempt entity. This presentation will be recorded, meaning that it will be available for all SHARE members who were not able to attend the Town Hall presentation in person.
Every SHARE Member organization will be asked to vote on the proposal to transfer of our assets and operations to the new tax-exempt entity SHARE Association, and the SHARE Board recommends that the Membership approve this action.
More information about the proposal will be presented at our Town Hall meeting at SHARE Providence, and via an outreach effort following the event.