18 Dec
2014
18 Dec
'14
3:29 p.m.
Is there a friendly 501c3 org that would let us operate under their tax
exempt status until we're incorporated and IRS-blessed? Six months to a
year?
I've seen this done properly elsewhere when new projects were starting and
were part of an ecosystem of more established orgs. The umbrella org has
the CPA and bank account for collecting grant money and other donations.
The "client" organization paid a tiny fee to the parent for processing. The
new org would describe themselves as "New Org, a project of Old Org, a
501(c)3 not-for-profit."
Phil Wolff
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+1-510-343-5664
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On Wed, Dec 17, 2014 at 6:00 PM, Maximilian Klein <isalix(a)gmail.com> wrote:
1) Do we even really need 501c3? 501c3 is a means to an end. The benefit
is that large institutions wont donate or grant to us without it. The
downside is that it will cost several hundred dollars and is a PITA from a
effort point of view. Smaller institutions can donate to us and get their
donations tax exempted as long as they do, (and they can) argue that we are
in spirit a non-profit. So we should only get 501c3, if we think other
umbrellas aren't easier, and we see big donations coming in later.
1a) we need to determine the probability of getting such a donation from a
large instituion in the next year
2) Incorporating. It's not enough to just file papers because in a pinch
if we do not act and do all our board meeting officiating properly we could
be dismissed as a farce of a incorporation.
3) changing the articles of incorporation has to happen in sacramento and
is expensive and slow. it's easier to edit the by laws if possible.
4) we need to make records whenever the board of directors issues
dirctives, however small.
5) if we ever became so attached to the omni that it would break sudo
spiritually or financially to move out then we need to get a formal
contract with omni.
6) the IRS is allergic to nonprofits that use certain words like "tea
party" and surprisingly "open source" because they've been burned by
those
types before.
7) treasurer does not have heightened financially responsibility than
anyone else on the board.
Make a great day,
Max Klein ‽ http://notconfusing.com/
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