From his experience in management
in the 1970’s, in 1989, George M. Sistrunk was once again investigating the potential of using Section 1244 Stock to
fund a corporation. Instead of night clubs, hotels and rental properties, the same funding method could be used in franchise
acquisition and/or cellular tower acquisition in South Carolina. If it can work for nightclubs and real estate, it
could work to acquire franchises and cell phone towers in South Carolina in particular, and America in general.
Initially, these franchises and cellular
towers were to be owned and operated by Independent Marketing Group. However, in 1989, he was by himself and there was little
interest in Columbia, South Carolina’s African American community or from “so-called”
African American leaders, to capitalize corporations for franchise acquisi-tion or to own cellular towers
for cell phones. In 1989, he firmly believed cell phones were going to be the wave of the future. Therefore, acquiring and
owning cellular towers was just as important ... or even more important than acquiring and owning franchises.
In 1995, when he and Otis Harrison
went to the meetings that were organized after the Million Man March, and later with Edward C. Graham, they were searching
for people that were serious about taking decisive action that would lead to a fully funded and debt free corporation. As
a matter of fact, at his office in the Covington Building, Otis Harrison, George Sistrunk and Alpha Josie seriously debated
whether or not Black people in Orangeburg were ready for multi-million dollar enterprises that would lead to an African American
owned and operated Billion Dollar corporation head-quartered in Orangeburg.
After their debate, Alpha Josie decided
it would be a waste of time to deal with Black Muslims in America. After all, they have been at it for years and still have
not established any viable enterprises in any major national or international market. Otis, Ed and George decided it was worth
the effort. Otis Harrison reasoned that the success and excitement that was generated by and from the Million Man March would
lead to positive action.
George
Sistrunk agreed. Since George Sistrunk already knew; from experi-ence, that a corporation could be successfully capitalized
with Section 1244 Stock and grow beyond its limitations in a short period of time, he and Ed Graham supported Otis Harrison’s
vision of cooperative effort producing a huge multi-faceted African Ameri-can corporate enterprise.
To his knowledge, George Sistrunk
and Edward C. Graham were the only people in Orangeburg, South Carolina that were aware of Otis Harrison’s plan to have
African America’s first Billion Dollar corporation headquartered in downtown Orangeburg. Otis’ plan was based
on hundreds of people spending small amounts of money to capitalize the corporation.
With George’s knowledge of
Section 1244 Stock, he knew Otis' plan was workable if they could find the right people. Because of her spirituality and unrivaled
common sense, the only person George and Otis knew that could lead such a venture was Dorothy Pimble, aka, Dorothy P. Snider,
aka, Dorothy P. Waymer.
Edward C. Graham & Lavern Washington
After leaving the first meeting at the Church in 1995, George decided to seek out Edward C. Graham. After explaining
how Section 1244 Stock worked, Ed agreed to devote time and effort to the venture. By February of 1996, Ed was joined by Lavern
Washington, Unity's #1 public advocate. Like Ed, Lavern quickly realized a lot of people spending a small amount of money
on 1244 Stock, that protected them from loss by the IRS, was a no brainer.
In fact, Ed Graham and Lavern already
knew people that would be interested in the venture and true to their word, the people Ed and Lavern knew, were among Unity’s
first General Partners and shareholders after Unity officially incorporated in February of 1996. Therefore, Otis Harrison had the plan, George Sistrunk had the knowledge and expertise, Edward C. Graham;
along with Lavern Washington had the people and Dorothy P. Snider, aka, Dorothy P. Waymer, could provide the leadership. All that remained, was getting the participants in the Million Man March not only
to accept the idea of a multi-million dollar African American owned and operated corporation in Orangeburg, they also had
to accept Dorothy P. Snider, aka, Dorothy P. Waymer as Unity's first President.
Capitalizing Unity Then & Now
This
is why Unity’s initial capitalization was and is still based on Section
1244 of the Internal Revenue Service code (hereafter also called the IRS). Section
1244 Stock is an equity stock that is named after the applicable section of the IRS code that describes its treatment under
tax law. Section 1244 allows losses from the sale of shares of small, domestic corporations to be deducted as ordinary losses
instead of as capital losses up to a maximum of $50,000 for individual tax returns or $100,000 for joint returns. Cutting
to the chase, Unity’s founders had nothing to lose and still do not have anything to lose by actively participating
in Unity's business acquisition programs.
To qualify for Section 1244 treatment,
Unity and its Shareholders had to meet certain requirements. For example, the most Unity could raise and still can raise under
Section 1244 is $1,000,000.00 (one million dollars). Whenever Unity officially issues its Section 1244 Stock, (this
means shares signed by the President – Dorothy P. Snider, aka, Dorothy P. Waymer, aka, Dorothy Waymer) only 50% of Unity’s
income can come from passive investments such as mutual funds, rents, stocks, bonds and/or other securities. In 1996, Unity
did not have any income from stocks, bonds, rents, mutual funds, or any other legally recognized securities. Almost 20 years
later, in 2015, Unity still will not have any income from these sources. Therefore, Unity can capitalize to $1,000,000.00
(one million dollars) from its Section 1244 Stock. {Click here for more information on Rule 504}
Also In 1996, every owner of Unity’s
Section 1244 Stock had to pay for the stock with cash, check or money order and not receive it as compensation. Section 1244
Stock can also be used to pay people for verifiable services rendered to Unity in lieu of cash payments. Under Section 1244,
going to a Board Meeting does not qualify as services rendered. Only those individuals that purchased Unity's stock by paying
for it or received it for verifiable services rendered, qualified for 1244's special tax treatment. Since you are at Unity’s
information website, click here to learn more about Section 1244 Stock from Cornell University’s Law School.
Considering the dire condition and
position of the African American community in Orangeburg and elsewhere in South Carolina in 1996, it was necessary to lower
Unity's 1244 Stock to an affordable $500.00. Unlike other well known ethnic communities, Unity cannot capitalize with 1244
Stock valued at $10,000, $20,000, $30,000 or $50,000.00 per share and there are very few African Americans, that are not professional
athletes or entertainers, that earn over $200,000.00 a year. This mandated dividing the $1,000,000.00 by $500.00. This division
led to the original goal of finding 2,000 people that would be willing to participate in Unity's acquisition programs as Original
Founders.
These 2,000 people would not only
be Unity's Original Founders, they would also be eligible to receive Unity's non transitional shares for services rendered. IRS restrictions is the reason why Unity's initial capitalization was limited
to 2,000 Shareholders or Original Founders. This is all the IRS will allow for a $1,000,000.00 capitalization objective. As
a founding member, an individual can still purchase more than one share and have more than 1 vote for decision making purposes.
For example, Columbus President and several others have 2 votes. Click here to learn more about capitalizing with 1244 Stock.
Advantages of Section 1244 Stock
The advantages of limiting Unity’s initial capitalization to $1,000,000.00, protected all of Unity’s Original
Founders from loss in the event the corporation failed to acquire a franchise or collapsed from mismanagement. In 1996, this
is also the reason why George Sistrunk recommended Unity’s Board approve a resolution to establish a 5-year plan. Unity's
original 5-year plan is still divided into phases to ensure rapid growth, development and implementation. The following are
the phases that were approved by President Dorothy P. Snider, aka, Dorothy P. Waymer in 1996.
A.
Phase I: Franchise
Acquisition. (By the end of Phase I, Unity would no longer qualify as a small
corporation under Section 1244 of the IRS Code. Once capitalization reached $1,000,000.00, Unity had to Amend its Articles
of Incorporation to account for its need to grow beyond 1244's growth and financial limitations.)
B.
Phase II: Real estate
Acquisition. (By the end of Phase II, Unity would be valued at $50,000,000.00.
[100,000 shares at $500.00 per share that would never be sold, offered for sale or exchanged for any other security/ies.]
These shares represent an ownership interest in Unity by shareholders that agree to participate in Unity’s business
opportunity programs. The share; itself, is proof of the holder’s ownership
interest. In addition, the share owner will enjoy all the legal protection of South Carolina's and federal laws
governing a Board's responsibility to its voting shareholders. Every shareholder in Unity can vote and some already have 2
votes. Bottomline, Unity is a corporate republic, where the majority rules, but the minority has rights.)
C.
Phase III: Cellular
Tower Acquisition. (By the end of Phase III, Unity would be capitalized to $250,000,000.00
with Cellular Towers all over America; especially in areas that were neglected by large corporations. At an average of $20,000.00 a day from Unity’s Cellular Towers, that will be added to its real estate
income, franchise income, income from investments in Iridium, Cell Phone Manufacturing, Compact Disc Manufacturing, Oil &
Gas, Utilities, Polymers, Health Care, Computer Manufacturing, Software Development, Pharmaceuticals, Aerospace, Aviation,
Alternative Fuels and Fish Hatcheries just to name a few, Unity would be well on its way to reaching its Phase III income goal of $250,000,000.00.)
D.
Phase IV: Non Franchise Business Acquisition & Development;
as well as, Residential Property Development. In the early days, Unity would focus on acquiring mobile homes for rental income
purposes. Unity's original goal in the mobile home rental market was 100,000 units at an average rent of $360.00 a month.
When reached, Unity's shareholders would be earning $36,000,000.00 a month. Multiply that by 12 months. Therefore, Unity's
owners, the shareholders, would be earning $420,000,000.00 a year before taxes, insurance, maintenance and operating expenses
are deducted.
E.
Phase V: Diversification
and Exploration for Copper, Oil, Gold, Silver and any other metal/s and/or ore/s
that had high profit making potential. (By the beginning of Phase V, Unity would
be worth more than 2.1 Billion Dollars [$2,100,000,000.00 - {$420,000,000.00 x 5 years equals 2.1 Billion.}] Consequently,
as you can see, Otis Harrison's original plan for a Billion Dollar African American owned and operated corporation, headquartered
in Orangeburg, South Carolina is not a pipe dream and his plan is still viable in 2015. )
Naturally, Unity's plans or proprietary to Unity and its Shareholders.
Anyone that tries to steal them will be sued for 2.1 Billion Dollars. The copyright to the program is owned by George Sistrunk.
With the exception of George Sistrunk, none of Unity’s original founding members had any experience in starting,
funding and running a corporation or complying with the legal requirements; that must be met, in order to maintain one...and
none had any plans for long term growth as a corporate entity. The above mentioned phases have never been rescinded by the President, Dorothy Snider, therefore, they are still
viable and under her leadership, Unity’s goals can still be realized. However, 20 years later, accomplishing Unity’s objectives will be far more
difficult.
Because Unity was created for rapid growth, this is why Unity needed a CEO. The
CEO would manage all of Unity’s various divisions and subdivisions or limited liability companies. This is the third
reason why George Sistrunk recommended having a CEO in addition to President Snider... now...President Waymer. Based on actions and activity, Unity’s first CEO, Dr. Clarence Joyner did not understand his role
and had little or no knowledge how to build or manage a corporation. As a direct result
of Dr. Joyner's failed leadership and his supporters on Unity's Board, on May 8, 2015, President Waymer, assumed the
role of CEO. Click here to return to the Agenda and scroll down the page.
George Sistrunk’s experience
comes from his first hand knowledge in the Story Untold, Inc., with Landers Chambers and Jack Dickerson; North American Property
Management, Inc., with Irma Hunter and Sun Hotel, Inc., with Sam Napolitano that were all successfully funded, established
and maintained business operations in the 1970s. This is the fifth reason why Unity’s initial start up was so successful,
it came from his experience and knowledge in funding, establishing and maintaining a corporate enterprise. In addition, the
knowledge and skill he has learned from his successful Internet ventures over the past 10 years are already a tremendous in
house asset. This information website is hosted on his OLM.Net servers in Connecticut.
Unity’s Section 1244
Stock Capitalization Has Not Been Realized
With Dorothy
P. Snider/Waymer back in her rightful position as Unity’s President, Unity can proceed with capitalization for franchise
acquisition. Our current goal is acquiring the 5 remaining Kentucky Fried Chicken Franchises that were closed in Orangeburg,
Santee and Columbia. Vice President Edward C. Graham is in charge of the project. Otis Harrison will be tracking down
Unity's General Partners that were not properly transitioned pursuant to Unity's Articles of Incorporation. George Sistrunk
is investigating Cell Tower ownership; preparing Unity's first annual report for reinstatement purposes and he is developing
the plans for Unity Phase II in 2015. America is not the same country it was in 1995 and
the African American community has deteriorated dramatically in the last 20 years. Therefore, it is now...OR NEVER. {Click here learn about 1244 stock qualifications}
It is also important
to note, Unity is the ONLY multi-million corporate enterprise that can trace its roots to directly to the Million Man March.
Based on available records that are not complete; but accurate, to which, the President has unlimited access, as of May 10,
2015, Unity's Section 1244 Stock record of valid and paid founders (for cash or verifiable services rendered) is as follows:
