Calvary Press Publishing was established as a 501-C3 ministry under the auspices of Calvary Baptist Church of Amityville (Long Island, New York) which would later go on to have a name change to Grace Reformed Baptist Church.
The laws governing 501-C3 organizations, as far was I am aware, forbid them from being transferred (given) to a private individual. I assume the reason is that a 501-C3 enjoy tax-exempt status and the benefit that that status gives to facilitate growth and capital appreciation as well as the acquisition of assets and the receipt of monetary donations (for which the giver can take a tax-deduction).
These benefits require that such a business, its equity and assets, remain within the 501-C3 world. So as I understand it, if such a business, as Calvary Press was, should wish to dissolve, divest, or transfer into other hands, those hands must be a 501-C3 as well. (I could be wrong and welcome any feedback you might have on this.)
The thing is... the church, Grace Reformed Baptist Church of Merrick, which owned Calvary Press, violated the law by giving the assets of Calvary Press to Joseph Bianci, a private citizen. He received the benefit of a business that had been built over many years by donations to it as a 501-C3 and he received the equity of this business which included the value of its books in print and the revenue that list of titles produced in sales each year.
This was a violation and an act of law-breaking. But these corrupt people at Calvary Press and Grace Reformed Baptist Church are known to be corrupt.
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