Contemporary Business 14th Edition by Louis Boone, David Kurtz

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So Much to Do, So Little Cash When Dan Wallach started Greensburg GreenTown, he knew it wouldn't be easy. A self-proclaimed idea guy, he admits that the details of high finance elude him. What he is good at is rallying people around a cause and getting them to write a few big checks. This time, though, Wallach decided to involve the largest number of people possible. Greensburg GreenTown's One Million $5.00 Donations campaign was the result. The money that is raised will be used to cover GreenTown's operating expenses, as well as to fund gaps in municipal projects, build model green homes, and educate residents about green building practices. Another aspect of GreenTown's work is to provide information and access to media organizations. Shortly after the tornado, the Planet Green cable channel began production on a television series that would chronicle the town's rebuilding. Wallach thought the exposure created by that show and others like it would be valuable in his fund-raising efforts. As a not-for-profit organization, Greensburg GreenTown is heavily regulated by the IRS, because the donations it receives are fully tax deductible. It falls into the same category as religious organizations and educational institutions, which are exempt from federal income taxes but must pay other federal taxes, such as employment taxes. Because working through the red tape required to obtain this IRS status can take time, many organizations, GreenTown included, work through an approved intermediary while their applications are processed. Although Greensburg GreenTown supports and educates Greensburg's residents, the town itself must rely on other sources of funding. All towns have budgets for repairs and improvements, but no one expected to have to rebuild the entire town. After the tornado, Greensburg had no roads, no hospital, no school system, no utilities, or any of the other services one might expect to find in a town. Money was tight even before the tornado, so rebuilding seemed an impossible task. Luckily, various government and corporate organizations chipped in. The Federal Emergency Management Agency (FEMA) and the U.S. Department of Agriculture (USDA) provided aid in the form of grants. Corporations like FritoLay donated significant amounts of money to support the town's innovative business incubator. With millions of dollars at stake and hundreds of projects under way at once, Assistant Town Administrator and Recovery Coordinator Kim Alderfer says the hardest part is keeping track of it all. After viewing the video, answer the following question:
-What are the key legal and financial distinctions of Greensburg GreenTown?