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74 Institutional Governance and the Trustees of Anatolia College
47. there are limitations to these exemptions, such as for unrelated business
activities. In some cases, cash-strapped local governments in the us seek to tax
nPo real property in their jurisdictions.
48. Pavlos floros, vP finance, was extremely helpful in advising on the tax
complexities. under the current regime (as of March 2012), non-profit institutions
are, generally speaking, not taxed on their non-commercial activities (law
2238/1994 art. 99 Paragraphs ε and στ). they are subject to the annual ad valorem
proportional large real estate Property tax (law 3842/2010 arts. 27 and 35).
also, tax deductions available to donors are limited to 10% of the amount given;
and the deduction cannot exceed 10% of the overall taxable income (law
2238/1994 art. 9, as amended by law 3842/2010). In addition, non-profit beneficiaries
pay a tax of 0,5% on this amount (Pol 1048 28/4/2010). notably, Greek
tax law changes constantly, particularly during the crisis. this results in even
greater uncertainty and dramatic consequences.
49. unfortunately, anatolia’s systemic fundraising pressures are not well understood
or warmly embraced by the broader community (see, e.g., the last paragraph
in note 23 supra). It may help to keep two numbers in mind. the school is
tuition-dependent (typically 70 - 80% of annual revenues) and the primary expenditure
(around 70 - 80% annually) is staff cost. see President’s annual report
at www.anatolia.edu.gr. Without heavily promoting development and implanting
that responsibility in everyone’s conscience and budget, how else are financial
aid/scholarships, campus infrastructure, and other pioneering initiatives to be
funded?
50. american educational institutions, whether state or private universities, colleges,
or preparatory schools, use a variety of names for their boards. these include:
“board of directors;” “board of trustees;” “board of overseers;” and
“board of regents.” these terms are broadly understood as synonyms.
51. In addition to the trustees who serve for 4 year terms (except newly elected
ones who serve for 3 for the first test term), there are “Lifetime Trustees” (active
trustees over 75 no longer subject to election),“Trustee Emeriti” (former trustees
with long and loyal service as trustees), and “Honorary Trustees” (honorees not
having served as trustees). except for grandfathered lifetime trustees over 75,
these classes of trustees do not vote, but continue to be involved at will (By-laws
art. 3).