VEYM needs a central headquarters to:
- Link all VEYS activities within the USA and with EYM in other countries
- Unify our managing and training systems
- Become a location for retreats, meetings, and trainings
- Become a distribution center for VEYS supplies and materials
- Actualize an effective and long-term investment plan to financially support VEYS’ future missions
VEYM also needs to establish an endowment to:
- Spend on an annual general operations
- Spend on an annual research and training
- VEYM will purchase a location within the raised funds.
- Vietnamese Eucharistic Youth Movement (VEYM) in the U.S.A., a non-profit organization is the owner of the property.
- The Board of Trustees will manage the full process of purchasing and maintaining all properties of the VEYM.
The Board of Trustees consist of 15 members below:
- The General Chaplain
- 2 members of the current National Headquarter Executive Committee
- 8 members from the 8 Regional Executive Committees (1 member from each regional executive committees)
- 4 members appointed by the General Chaplain
- No, VEYM can not as most banks require collaterals which VEYM doesn’t have.
- Yes, VEYM can, but VEYM will face challenges since VEYM has not been recognized by the United States Conference of Catholic Bishops.
- No, properties owned by VEYM are protected under California State Law, as VEYM is a qualified non-profit organization.
- Per State of California guidelines, as a non-profit organization, VEYM can donate its properties to other non-profit organizations such as a Catholic Diocese or Parish.
- At least $1,000,000 in 2 years.
- Orange County, Southern California has been suggested as more than 1/3 of its members located here. However, suggestion of new location is welcome.
As a non-profit organization in the state of California, the property owned and operated by us in the state are exempted from local property taxation.
“Real and personal property owned and operated by certain nonprofit organizations can be exempted from local property taxation through a program jointly administered by the Board of Equalization and county assessors’ offices in California. This exemption, known as the Welfare Exemption, is available to qualifying organizations that have income- tax- exempt status under Internal Revenue Code section 501(c)(3) or 23701(d) of the Revenue and Taxation Code and are organized and operated exclusively for religious, charitable, scientific or hospital purposes.” *
* source: http://www.taxes.ca.gov/exemptbus.shtml
There’s no way to forecast these costs for sure. But mortgage-data firm HSH Associates suggests that homeowners assume they will come to about 1% of the property’s value — every year.*
To be on the safe side, we will calculate our cost based on 1.5% instead of 1%. That is $15,000 on a $1,000,000.00 property annually; $1,250.00 per month.
Currently, we are paying $1,700.00 per month for our office located at 7711 Garden Grove Blvd., Garden Grove, CA 92841. It comes from the sale income of uniforms, books,…
Beside the sale income, we have consistently collected an annual membership fees (niên liễm) about $11,000.00 (an average amount from the last 3 years reported by the Finance Committee) .