Maryland `B` corp. formed to help site search for proposed gay

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Maryland `B` corp. formed to help site search for proposed gay
Maryland benefit corporation formed to help site search for pro...
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Home > Business
Maryland 'B' corp. formed to help site search for
proposed gay heritage museum
Research finds money isn't everything when it comes to
choosing a workplace
Group has sought permanent D.C. home since 2008
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By Lorraine Mirabella, The Baltimore Sun
5:30 p.m. EST, December 7, 2012
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Organizers of a proposed Washington, D.C., museum focused on lesbian, gay, bisexual and transgender heritage
have formed a benefit limited liability corporation in Maryland that will work to find a museum site.
The Velvet Foundation, a nonprofit group that has been planning the museum and seeking a permanent home in
D.C. since 2008, will be the beneficiary of the newly formed Oliver-Grayson Holding Co. Benefit LLC., organizers
announced.
A Maryland law took effect in October 2010 allowing businesses to organize as "benefit corporations," hybrids of
for-profit and nonprofit models that aim for public benefits as well as profits.
Plans call for either acquiring or building a facility, said
Gavin/Solmonese LLC, a financial advisory firm that is advising the
museum planners and will help raise capital.
Related
Organizers hope to raise between $25 million and $40 million to buy
a building, the Washington Business Journal reported Friday.
Commercial real estate firm Studley Inc. will help with the property
search.
Find: Baltimore-area museums
"Being the beneficiary of the Benefit LLC will enable us to attract
investors who are not only committed to the museum but who are
interested in the bottom line," said Tim Gold, CEO of the Velvet
Foundation, in a statement.
Maryland, the first state to authorize benefit corporations, is one of
12 states that have passed "B" corporation laws.
Find: Gay & lesbian events in Baltimore
"It is vitally important to our community and to our country that the
National LGBT Museum exists," Joe Solmonese, managing director
and founding partner of Gavin/Solmonese, and former president of
the Human Rights Campaign, said in a statement.
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12/12/12 2:34 PM
Maryland benefit corporation formed to help site search for pro...
Comments (7)
http://www.baltimoresun.com/business/bs-bz-gay-museum-bcor...
Add / View comments | Discussion FAQ
johnwinthrop at 12:26 PM December 11, 2012
special interest museums really shouldnt have nonprofit status.
Really, WOW at 7:46 AM December 08, 2012
A museum focused on lesbian, gay, bisexual and transgender heritage. Are you kidding me? Has it come
down to building a museum for this or every other agenda that comes down the road. Besides the
marketing company that stands to make money, who in their right mind would donate to something like
this? Wait, they can put the statue of DuBurns and maybe one of Dixon out front, perfect. B-more is
already known for the city that bleeds, now it will be known as the biggest joke.
Can I get a museum for people who go to work each day or those that sacrifice luxuries just to put food
on the tables for their kids? If the city allows this, please post those companies that made donations. I
want to know where NOT to spend my money.
Roman_Maronie at 4:07 PM December 07, 2012
Oh cool a museum dedicated to who you choose to bang. Congrats on coming up with the worlds
dumbest idea.
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