"By way of information - we recently found ourselves excluded from a large local crisis funding stream for COVID-19 because we had the temerity to remunerate our four Directors. We would had been able to apply had we been able to conjure…"
"Thanks John - Indeed - I argued the case with the Lottery when they refused a Schedule 2 CIC - and they have accepted that and did change their guidance on A4A - I think most funders do know the difference and are happy with Schedule 2s - The issue…"
"simplistic interpretation is schedule 2 is not for profit and schedule 3 is for profit. Although a Schedule 3 can have rules to make share classes non dividend paying.
As you say A4A and many others explicitly exclude schedule 3 CICs as they have…"
"Hi - Schedule 3 CICs and Funding - I work with social enterprises on legal structures and funding and assess a lot of funding applications. I frequently come across Schedule 3 CICs who (not unreasonably) think that they should fulfil funders…"
"There's standard phrasing to cater for virtual meeting - something like:
"Directors participate in a Directors’ meeting, or part of a Directors’ meeting, when—
a) the meeting has been called and takes place in accordance…"
"We are looking to amend our rules on voting to reflect the need for our Board to meet in a virtual space. The current position (in accordance with Articles) appears to be that a virtual vote needs to be unanimous, whereas a vote in a…"