6 Oct
2013
6 Oct
'13
12:12 a.m.
Re. Patrick: Yes, and that's one of the favored paths to obtain
independent tax-exempt nonprofit status.
If the sponsoring organization is doing its job properly, it will help
train members of the new entity, so they are better equipped to manage
things when they achieve independent tax-exempt status.
Seems to me that's a good path forward if SR decides to become a nonprofit.
-G.
======
On 13-10-06-Sun 12:05 AM, Patrik D'haeseleer wrote:
On Sat, Oct 5, 2013 at 11:05 PM, GtwoG PublicOhOne
<g2g-public01(a)att.net <mailto:g2g-public01@att.net>> wrote:
Then when you make the filing with IRS, IRS will typically assign
someone to work with you on it, to help get it approved. This can
still take well over a year to become finalized. But during that
time, you can still solicit donations and suchlike, provided that
you inform donors that their donations may not be tax-deductible,
and that an IRS decision on tax-exempt status is still pending.
Alternatively, you can get fiscal sponsorship for 501(c)3 status
through an organization such as School Factory
<http://schoolfactory.org>. That way you can start acting as a full
501(c)3 from the start, and they'll help you out with all the
paperwork, assume some financial liability, provide nonprofit advice,
etc. In exchange, they keep 10% of any donations (*not* including
membership fees, since those are not tax deductable).
Patrik