FREQUENTLY ASKED QUESTIONS:
IS SOIL A NONPROFIT CORPORATION?
SOIL is under the umbrella of Slow Money Institute https://slowmoney.org/local-groups/soil
That is why SOIL Sangre de Cristo can be a 501 C3 with Slow Money Institute acting as our fiscal sponsor until we are established. This may take up to 18 months. Then we will use a local entity such as The Chaffee County Community Foundation, The Community Foundation of the SLV, SLV Developmental Resources Group, Guidestone, or GARNA as the umbrella. We will look for the best terms and services. Any info regarding the 501 C3 and the tax deductions will be under Slow Money Institute
A copy of the certificate is available on the Slow Money website, or PJ Bergin can send you a copy.
ARE THESE LOANS OR GRANTS?
They will be in the form of 0% LOANS that are paid back over time. The criteria for the loan application and granting loans can be arrived at within our membership and more efficiently, if you have a loan review committee that does vetting before presenting a loan application to membership for a vote. SOIL boulder would be happy to share with Sangre de Cristo their application and a rubric that we loosely use in our Loan review Committee. The loan committee works out the details for loan repayment with the applicant. In the past most loans have no payment due year one, 25% year two, 25% year three and 50% year four. There are exceptions to this but that is worked in a way that is most helpful to the farmer. A promissory note is written between the loanee and The SOIL group with the terms. We track on calendar when payments are due and stay in communication to see how they are doing.
WHAT ARE THE MEMBERSHIP REQUIREMENTS?
A voting membership is $250 and up or $25 for farmers for each year. Smaller donations can be accepted but do not qualify for voting.
CAN A MEMBER VOTE BY PROXY?
Yes, We will follow suit with SOILBoulder. They just completed a poll/vote on line from membership about quorum and proxies.