CLIENT SPOTLIGHT: Factory Five Racing

Factory Five Racing was founded in 1995. Over the years they have grown from a start-up business in a small garage to become the world's largest manufacturer of "build-it-yourself" component car kits. They employ a full-time crew of about 40 people, and are located in Wareham, Massachusetts (about an hour south of Boston). They make their products right here in the USA, in the heart of New England where American manufacturing was born.
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CLIENT SPOTLIGHT: Luca + Danni

Fred and Danny Magnanimi grew up watching their father create beautiful, handcrafted jewelry in the family's Cranston, RI jewelry manufacturing business. When the boys grew up, Fred moved to New York and began working on Wall Street as an investment banker, while younger brother Danny, still enamored by the family business, stayed home. Increased competition from overseas businesses created significant challenges for the business, but Danny was confident he could find a way for the family business to evolve and thrive. This was his mission, this was his passion.
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        "Don't Ask Unless You Tell: Most Charities Need to Register Before Soliciting Contributions"

        Most nonprofit organizations need charitable donations to survive and thrive.  However, many organizations are unaware that Rhode Island requires them to register with the state prior to soliciting charitable contributions.  Organizations that fail to register in advance face significant penalties, including an order prohibiting the nonprofit from future charitable solicitations, and administrative fines of up to $1,000 per violation.

        “Solicitation” is defined very broadly.  It includes direct or indirect requests for money, property, or other things of value, and requests made by any method, including mail, telephone, media outlets, social media, and the like.  Moreover, charities are required to register even if their “solicitation” is not successful; regardless of whether any actual contribution is received, solicitation occurs when the request is made.

        Several categories of organizations are exempt from registering, however, including but not limited to:

        • People or organizations helping a specific individual
        • Organizations which solicit only from their own membership (meaning members of the nonprofit corporation, not people on their mailing list)
        • Certain religious organizations, education institutions, nonprofit or charitable hospitals and public libraries
        • Veterans’ organizations
        • Historical societies

        Prior to soliciting charitable contributions in Rhode Island, a nonprofit organization must register with the State of Rhode Island Department of Business Regulation (the “DBR”), and must renew its registration annually.  Registration forms, which must be submitted online or via CD-ROM, can be found at the DBR’s website at www.dbr.state.ri.us/divisions/charitable.

        For more information, see www.dbr.state.ri.us/divisions/securities/charitable.php.