Babachoo--I guess there's a lot of confusion about 501(c) status. The business owners who join the ECA will be able to deduct their contributions as business expenses, but there is no deduction available to non-business folks who might contribute.
In this case, "not for profit" basically means that the ECA won't be paying income taxes unless it has unrelated business income.
And, yes, there is often a significant lag time between the filing of necessary paperwork and when the application gets approved. In fact, unless things have changed substantially over the last several years (and I doubt it has), it often takes months for applications to even show in the records that they've applied.
Finally, the Chairman of the Board is often viewed kind of like the Chief Justice of the Supreme Court--the first among equals, with only one vote like the rest of 'em.
In this case, "not for profit" basically means that the ECA won't be paying income taxes unless it has unrelated business income.
And, yes, there is often a significant lag time between the filing of necessary paperwork and when the application gets approved. In fact, unless things have changed substantially over the last several years (and I doubt it has), it often takes months for applications to even show in the records that they've applied.
Finally, the Chairman of the Board is often viewed kind of like the Chief Justice of the Supreme Court--the first among equals, with only one vote like the rest of 'em.