Wednesday, December 22, 2004
A Kentucky appellate court has decided that a private foundation that spends public money must release its records to the public. This decision strips away the argument that a private foundation can keep its records private. In making the decision, the Kentucky court found that the private foundation expends public money. Read more.
This decision represents an important victory for advocates of public accountability. Some years ago in Louisiana, a group attempted to obtain disclosure of records from the Biomedical Research Foundation of Northwest Louisiana. Each year, the Foundation receives public money as the proceeds from a local sales tax. The foundation holds that once it receives these funds, it has no obligation as a private foundation to disclose how it spends this public money beyond its public filings with the IRS.
We can only hope that the Kentucky court decision opens the door to more effective disclosure in other states, like Louisiana.
posted by Ed Morrison |
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Some Background on EDPro Weblog
The purpose of this weblog is to help economic development professionals -- EDPros -- keep up with the changes sweeping our profession. Strap on your goggles. It's a whole new game. There are no experts any more. The only place to learn about economic development is from other EDPros who are doing it.
One other point: the prevaling approach (paradigm, if you like) in economic development is shifting from competition to collaboration. There are a lot of reaasons underlying this shift, but here's the important insight: You, your community, and your region will do better by collaborating and sharing information.
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Speaking and workshops on Open Source Economic Development
As the idea of Open Source Economic Development starts spreading, more people are asking about it. Visit the I-Open web site to learn more. My colleagues and I are happy to explain the basic concepts in a talk or a workshop. E-mail Susan Alshuler if you'd like to learn more about workshops and speaking.
Background on Ed Morrison
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KY foundation must disclose incentive deal
