Restructure got News!
Hello out there Sparkly Burners!!
The Restructure Committee has reached a critical milestone in the journey to restructuring Burning Seed! On the 6 October, the initial Brief was submitted to Legal for advice on drafting the constitutions for two related Companies Limited by Guarantee:
Cultural organisation that will be the holding entity and a registered charity (advancing culture) with provisions made for Deductible Gift Recipient (DGR) status and entry on the Register of Cultural Organisations (ROCO).
Operational organisation that will be responsible for producing the event annually under licence to the Cultural organisation.
As you may remember, the brief has been carefully drafted after much thought and consideration that has been captured on Loomio. Every entry on the brief had to pass a vote with a simple majority. This means Stage 3a, defined in the Restructure Committee Terms of Reference, has been handed over for drafting by independent legal counsel.
Does this mean we are idle while we wait for legal advice? Hell no! As we wait for Legal to progress the constitution drafting program, the Committee will begin work on implementing the forthcoming changes. Some of the next steps are as follows:
Brief Town Council regarding the need to complete an Assets Register
Commence work with an independent accounting firm that specialises in Not for Profit organisations with specific focus on the transfer.
Seek legal advice regarding transfer of Intellectual Property relevant to Burning Seed.
Work with accountancy advisers to establish requirements for achieving (DGR) status, ROCO registration and ACNC requirements.
Have any questions? We would love to hear from you!
Please email restructure@burningseed.com
With Sparkles,
The Burning Seed Restructure Committee
[Sam Carman, Baron de Merxhausen, Madeline Fountain, Robin Macpherson, Richard Martin, Leanna Pugliese}