I would think they would have to in order to maintain control over the profit donation scheme. I don't have any problem with that approach; I want to spin it off to make money for the parent NP.
Currently, the NP owns the code. But part of creating this new FP would be porting the code to Java, Python, or something else. Fortunately, the real strength of it now is the model, not the implementation details.
Did you end up "working for" the new software development company?