Issue link: https://newsleader.uberflip.com/i/114013
Sarasota News Leader March 8, 2013 Page 43 dents. I do not believe it is in the best interest Non-Profit, Inc. serve the exclusive purpose to stay with [the parent company]. It makes of educating children in grades PreK-12. The more sense to keep the money local." Imagine Schools Non-Profit application for federal tax-exempt status is currently under Although Imagine Schools is the largest prireview by the IRS. Subject to favorable rulings vate corporation operating charter schools in the nation, it has a history of school closings from the Internal Revenue Service, the organias well as investigations into circumstances in zations plan for Imagine Schools Non-Profit, which schools purchased with public monies Inc. to acquire ownership of Imagine Schools, were leased to the local charters at alleged- Inc., after which Imagine Schools, Inc. would ly unfair rents, according to The Washington convert to nonprofit status. Once this transition is complete, the entire Imagine Schools Post and the St. Louis Post-Dispatch. system will operate through nonprofit corpoSince the inception of Imagine, it has com- rations exempt from tax under section 501(c) bined two corporations: a for-profit entity and (3) of the Internal Revenue Code." a nonprofit one. The company website says, "Imagine Schools currently operates through Although a favorable IRS ruling came down two affiliated organizations: Imagine Schools, last year, the integration into a single nonprofInc. and Imagine Schools Non-Profit, Inc. Both it has not occurred, according to other inforImagine Schools, Inc. and Imagine Schools mation on the corporate website. Students and parents rode an Imagine School bus to the School Board meeting. Photo by Scott Proffitt