Tuesday, June 16, 2015
Where Do Non-Profits End And For-Profits Begin?
The Indiana Economic Development Corporation announced today it was awarding up to $1.2 million in conditional tax credits and more than $100,000 in job training grants to two IT start-up companies in Carmel launched by tech entrepreneur Scott Jones. The companies are called Eleven Fifty Academy and Eleven Fifty Consulting. Reading further into the press release, I realized that Eleven Fifty Academy is actually a non-profit educational organization focused on providing low-cost computer coding and professional training for future IT workers. Eleven Fifty Consulting is a for-profit company that provides website and mobile app coding services to businesses. Presumably, the tax credits are being awarded to Eleven Fifty Consulting since its non-profit counterpart pays no taxes. The IEDCs press release, however, speaks of the two entities as if they're interchangeable, further blurring the lines between the worlds of non-profit and for-profit companies.
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3 comments:
Gary, there was an 1150 sign outside one of the huge carmel mansions near the old Conseco/Lucas Oil party house. Presumably there was a party for this award or something? If these are the same people, then these companies should never have been granted this money. That mansion is enormous, let the guy take out a home equity loan, like the rest of the world...
There is nothing non-profit about PBS either. All those "ads" before shows? The quarterly begging events they have are ridiculous as well.
Tax-free non-profit hospitals?
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