Posts Tagged ‘Madeleine’s Fund: A turn up for the books’

Madeleine’s Fund: A turn up for the books

February 5, 2010

Doctors McCanns you’re in legal trouble, oh dearie, dearie me.

It’s in relation to the Madeleine’s Fund.

I am not a bookkeeper (accountant), however, my task is not to add up figures. Rather, my job is to assess whether stated words add up upon examination in practice.

For example, “Madeleine’s Fund – ‘Leaving No Stone Unturned’ is a not-for-profit company which has been established to find Madeleine McCann, support her family and bring her abductors to justice. The Fund is following best practice governance procedures as set out in the Good Governance Code for the Voluntary and Community Sector“.

This is called “throwing a spanner in the works”…

Definition of Non-Commercial Companies

This policy, mainly extracted from law of Great Britain and Canada, addresses the conditions that an entity must meet to qualify as a non-profit organization for purposes of the non-commercial licensing. When determining whether an entity is a non-profit organization , the entity must meet all of the following conditions:

*

It was organized solely for non-profit purposes.
*

It is in fact operated solely for non-profit purposes.
*

It does not distribute or otherwise make available for the personal benefit of any member any of its income.

In case a group, company or individual does not meet all of the described conditions, it is automatically considered as a profit company, group or individual“.

It does not distribute or otherwise make available for the personal benefit of any member any of its income“.

Is receiving money, for example, to pay off the McCanns mortgage a personal benefit?

I am warming to this task already and I have hardly started 🙂

Update:

“the entity will probably not qualify as a non-profit organization if it is primarily involved, for example, in an activity that is directly connected with the sales of members’ goods or services and for such services receives a fee or commission computed in relation to sales promoted. Such an entity is normally considered to be an extension of the members’ sales organizations and will be considered to be carrying on a normal commercial operation. If the fees and commissions charged are well beyond the needs of the entity and these earnings are accumulated and invested as described below by the entity, this would be another reason why the entity would not qualify as a non-profit organization”.

Welcome To the Madeleine Online Store

My initial feeling is that the McCanns company is a for profit organisation.

Just a thought: If Madeleine is dead, the Fund is dead.

Quick doctor we need to resuscitate Madeleine…

…Surely a case for the Serious Fraud Office (SFO)? I would not want to tread on their size 12 plod feet if they intend to conduct an investigation into the allegations of fraud in relation to the Madeleine Fund. If there is official inaction, it clears the path for a private action.

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