Jan 9 – Trappists Caskets Corp and Board of Directors Meetings
The corporate structure for Trappist Caskets, a 501(d) corporation, requires the members and the board of directors to meet once a year. We held both meetings this morning. We, the monks of New Melleray Abbey, make up the “members” of the corporation. Our CPA and our attorney attended the meeting to provide updates on the structure and performance and to ensure our compliance with the government regulations pertaining to the corporation.
from the IRS – Internal Revenue Manual 4.76.29
Apostolic Associations – IRC 501(d)
3. Organizations exempt under IRC §501(d) are ones organized for the purpose of operating a communal religious community where the members live a communal life following the tenets and teachings of the organization.
4. All of the organization’s property is owned in community and, each member, upon leaving the organization, is entitled to no part of the community assets.
5. Activities often consist of farming and manufacturing.
6. The income of the organization goes into a community treasury that is used to defray operating expenses and the cost of supporting and maintaining the members and their families. See Rev. Rul. 57-574, 1957-2 c.b. 161.