Tom, that's what the article says. Evidently, any profits (from operations/sales of RE) - after expenses, would have to be distributed to maintain their tax-free status. It sounds like those funds would go to community groups, etc. I wonder the Property Tax is figured? Foundations can dole out $$$ to whomever they please but Prop. Taxes usually go to schools. libraries, parks and n some cases local gov. Does anyone know if this is exempt? Or will it have to pay PT on the golf course - or is the golf course land owned by the municipality?
Steve - probably the same as Herb Kohler and the Shore Acres members (asssumng the SA memebers even care).