Three years ago, at the PAII Conference in Austin Texas, we announced that we would transition PAII from a “For Profit” Corporation to a “Non Profit” Corporation. As promised, we’ve done it! PAII was originally founded – back in 1987 – as a for-profit association. Because PAII has always operated similarly to a non-profit, that is, the income went to fund operations and was not distributed to ‘shareholders’, most members are surprised to learn that PAII was not originally a non-profit. So, what was the process? PAII submitted all of the required documents and has re-in corporated as a non-profit in the state of Wyoming. Wyoming was chosen as it is one of the lowest cost jurisdictions and corporation-friendly states for many national and international organizations and companies. Several other documents handled the move of all assets from the ‘old PAII’ to the ‘new PAII’ and completed the setup and formation. The filing and determination by the IRS of 501(c) status, as many who work with nonprofits will already know, often takes months to complete and receive, but will be retroactive to PAII’s re-incorporation date. The Distinguished Inns Alliance (DIA), the group of innkeepers and industry partners that purchased PAII from the founders in 2000, had been administratively dissolved. The for-profit PAII, incorporated in California, has also been dissolved. All types of current and paid memberships remain valid, with access and benefits also remaining the same. Member dues will continue to be tax-d eductible as a business expense as PAII is not a ‘charity’ but rather a professional organization/business league. As is required of non-profit corporations, some financial reporting becomes public record once filed. The new non-profit PAII will operate as we have since 2015 (present administration), with the same staff, same board of directors, and the same commitment to education and advocacy on behalf of our members and the innkeeping industry.Come celebrate your re
Recommended Posts
