§3051 Nonprofit corporation

Summary

When the nonprofit described in subsection (b) is set up, the Office of Self-Help Development and Technical Assistance is closed. If that nonprofit agrees to take on the Office’s debts, the Bank must move all of the Office’s assets, liabilities, and property to the nonprofit on the day it is incorporated. Those assets include any money Congress has given the Office and the money in the Account under section 3042; if more money is appropriated later, the Bank must send it to the nonprofit quickly. The Bank’s Board must create the nonprofit under District of Columbia law as soon as possible after August 13, 1981, and must name its directors even if D.C. rules would not normally allow that. The nonprofit’s board will pick an executive director, set pay, publish its policies, and carry out only the tasks allowed by sections 3043–3048 and 3050, whatever is needed to follow D.C. law, and whatever is needed to keep 501(c)(3) status. The Bank may give staff help, and Bank board members may also serve on the nonprofit’s board. The nonprofit is treated as qualified under section 501(c)(3) from its start until the IRS decides its application, and its allowed work counts as charitable. The Bank may give money from its earnings to the nonprofit after it keeps enough to pay its debts to the Treasury. While the nonprofit is a 501(c)(3), gifts to it count as charitable donations under the tax code. The nonprofit must adopt conflict-of-interest rules at least as strict as the Bank’s rules under section 3024.