Transparency in Tax Reporting

”So the LORD sent Nathan the prophet to tell David this story: "There were two men in a certain town. One was rich, and one was poor. The rich man owned many sheep and cattle. The poor man owned nothing but a little lamb he had worked hard to buy. He raised that little lamb, and it grew up with his children. It ate from the man's own plate and drank from his cup. He cuddled it in his arms like a baby daughter.” 2 Samuel 12:1-3 (NLT)
 

 

“We have filed a reorganization petition in the Federal Bankruptcy Court here in Atlanta,” said Bishop Williams.

By Eric and Stephanie Stradford

AMWS, August 25, 2012, Atlanta -- Whether you are running for President of the United States, or, in the case of Morris Brown College, running on hope and prayer, the U.S. Internal Revenue Service needs to hear from you every now and again.

The Right Reverend Preston W. Williams II today confirmed reports that Morris Brown, an Historically Black College (HBCU), was $13 million away from a “fire sale on the courthouse steps.” As the threat of foreclosure drew nearer, the Bishop of Georgia called on prayer warriors to tap one more historically undervalued asset. He called for prayer.

Bishop Williams succeeds The Right Reverend William Phillips DeVeaux as board chair for Morris Brown College. In a 2007 press release, Bishop DeVeaux stated, “As an African American community, we cannot and we will not abandon the goal for which Morris Brown College was founded – ‘a haven for hungry souls.’ We will hold on to this institution until our fingers are bloody; and if and when this occurs, we will pass the mantel to others who will hold on until we regain the strength necessary to stay yet another day.”

The new chair of the Morris Brown Board of Trustees is not just holding, he’s fighting back with the legal action and community engagement needed to restore hope for Morris Brown. “We have filed a reorganization petition in the Federal Bankruptcy Court here in Atlanta,” said Bishop Williams. “The attorneys have advised that this petition will stop the foreclosure sale and other legal matters until we get full organization plans approved by the federal courts. We are not abandoning the legitimate legal obligations of this college. But, we are utilizing this important legal protection that is provided by the Constitution of the United States and the federal law.”

 
Morris Brown President Dr. Stanley Pritchett is excited about new possibilities for historic Morris Brown College.

Established in 1881 by the African Methodist Episcopal Church, Morris Brown stands as proof that Free Africans can read, write, calculate, communicate, think, reason and, sometimes, use good judgment.

Raising money has been a challenge because the U.S. Internal Revenue Service revoked Morris Brown’s 501c3 public charity status.

According to GuideStar, a reputable source for public charity disclosure, IRS revoked Morris Brown College’s exempt status for failure to file tax returns for 3 consecutive years.
A multimillion redevelopment plan holds the Board of Trustees for Morris Brown College accountable for losing the institution’s nonprofit status, and the academic professionals and alumni for restoring its accreditation. “There is money to be found to help Morris Brown, and we are going to find it, “ said Williams.  Church leaders are learning valuable lessons from within and beyond their sanctuaries.

In its best estimate, Forbes magazine analyzed 184 assets listed on Presidential Candidate Mitt Romney's personal financial disclosure report, and came up with $230 million. The broad ranges in which Candidate Romney’s assets are listed makes it difficult to know how much is actually there. Sources say Romney's net worth has typically been reported as $190 million to $250 million. Sources estimated that Romney has amassed twice the net worth of the last eight U. S. presidents combined, and would rank among the richest in American history if elected.

President Obama and Vice President Biden released their latest financial disclosure reports yesterday. Obama's assets are worth at least $2.6 million and could reach $8 million or more. Common ground for Romney and Obama as well as Morris Brown is a $16 trillion national debt looming over America’s future.

Twelve federal agencies agree that engaging youth in their own positive development is an essential step towards their economic security. A win-win for American politics should translate into an inclusive vision of America’s future. Whether wealthy donors and alumni support their own institution of higher learning or invest in universal access for all, no child, no institution can be left behind.

Morris Brown College, the African Methodist Episcopal Church and prospective donors face some tough decisions. But, they are not without options. Practitioners, policymakers, funders and researchers determined that promoting positive asset building and considering young people as resources were critical strategies for sustaining American communities.