Difference between revisions of "Filing for non-profit status"

Revision as of 16:49, 12 February 2010

Next Steps

Public Benefit Non Profit 501(c)(3)

Cost: $400 if file in paper, $200 if file online
This would be a public benefit type of organization and would then qualify for tax exemption.
If the group were to dissolve, all assets of the organization would have to go to another public benefit organization, the state government, or federal government.

Mutual Benefit Non Profit

If the group were to dissolve, the assets could be dispersed amongst the members.
Smaller to no extra cost
Handles tax exemptions differently

February 4, 2010

The letter has arrived and we are officially filed with the State of Tennessee as a non profit organization. Next step is to try and get our Tax ID from the IRS.

February 2, 2010

The check has been withdrawn, and it shows going to the Department of Treasury for the State of Tennessee. So looks like they have at least received our paperwork and have attempted filing it. We won't know until another couple of days whether our paperwork was successful or not, but at least it looks like we're moving along.

January 25, 2010

Our paperwork has been filled out and sent off. The total cost was $100. Hopefully within a few weeks, we'll have an answer stating that we are officially a non profit organization within the state of Tennessee. In the mean time we are going to trudge along trying to interest more people. If we get turned down for the non profit status, we'll try again.

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 == Next Steps ==
-=== 501(c)3 ===
+=== Public Benefit Non Profit 501(c)(3) ===
-* We eventually will want to become a {{wpl|501(c)3}} registered organization.  That will put us on the national level of non profit.
 * '''Cost:''' $400 if file in paper, $200 if file online
+* This would be a public benefit type of organization and would then qualify for tax exemption.
+* If the group were to dissolve, all assets of the organization would have to go to another public benefit organization, the state government, or federal government.
-=== Tax Exemption ===
+=== Mutual Benefit Non Profit ===
-* There are some specifications on yearly tax exemptions based on the annual income of the organization.  I'm currently not sure of what that amount is or how we make sure that we are exempt from such things.  My first guess is that this will be something we have to file with the IRS.
+* If the group were to dissolve, the assets could be dispersed amongst the members.
+* Smaller to no extra cost
+* Handles tax exemptions differently
-=== Sales Tax Exemption ==
+== {{date|2010-02-04|mdy}} ==
-* We want to make sure that we are exempt from sales tax within the state at least, if not more than that.  We need to find out if this is a separate filing, how to file it, where to file it, and what the costs are.
-== {{date|2010-02-04|mdy}} ===
 The letter has arrived and we are officially filed with the State of Tennessee as a non profit organization.  Next step is to try and get our Tax ID from the IRS.