PYM Holding Corporation 2012 Report (.PDF version)
Pacific Yearly Meeting Holding Corporation’s
2012 Report to PYM’s Annual Gathering
Pacific Yearly Meeting Holding Corporation is a section 501(c)(2) non-profit corporation. While (c)(3) non-profits are as common as pigeons in parks, (c)(2) non-profits are rarely encountered. In Internal Revenue Service parlance, a religious holding corporation is a “fully integrated church auxiliary” where “fully integrated” means integral, “auxiliary” means adjunct and “church” means a congregation united by faith or belief. In keeping therewith, PYM Holding Corporation is separate from but essential to the right functioning of Pacific Yearly Meeting.
PYM Holding Corporation is a corporate fiduciary whose job is to hold title to real property and other assets for Pacific Yearly Meeting and its associated Monthly Meetings. Thus corporation members must take their fiduciary responsibilities seriously. At this time, in addition to holding stock for a Monthly Meeting, PYM Holding Corporation is responsible for holding and disbursing the proceeds received as a result of laying down San Fernando Valley Meeting and selling its Meetinghouse.
From that late 1996 sale, Friends received cash plus a 20-year note for $105,000 with a robust 9% interest rate. As of October 2011 the remaining debt of $52,410 was renegotiated and the interest rate on the remaining mortgage debt reduced to five percent (5%). The remaining proceeds ($96,553) are held by PYM Holding Corporation in an FDIC insured bank, and are available to help PYM’s Monthly Meetings acquire or construct new Meetinghouses. During the past year, no requests for Meetinghouse funds have been received.
Clerk of PYMHC