Charitable groups see promise—and profits—in a new Vermont law that enables tax-exempt groups to attract and generate private capital for their initiatives. The law, signed April 30 by Vermont Governor Jim Douglas, essentially creates a low-profit, limited liability corporation, or an L3C, with charitable goals that is also allowed to generate a small profit. Vermont’s Secretary of State website describes the new business entity as a “cross between a nonprofit organization and a for-profit corporation.” The law is an outgrowth of efforts by the Mary Elizabeth & Gordon B. Mannweiler Foundation, a New York-based charity that has spent in “the low six figures” over three… Read More