Difference between revisions of "Filing for non-profit status"
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| + | == {{date|2010-06-10|mdy}} == | ||
| + | The draft of the bylaws has been a long and hard process, but is now ready for the scrutiny of the rest of the group. We encourage others to pick at them and find where they think things should differ. Feel free to place those edits (in an orderly manner) on the [[Bylaws]] page itself. | ||
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| + | == {{date|2010-05-14|mdy}} == | ||
| + | The IRS has announced that the Cyber Assist is delayed due to glitches in the system and will not be released in 2010. This comes as a disappointment as the fees would have been only $200 for us to apply. However there is good news and that is that the original changes listed of it costing $850 to apply are not in place yet. The IRS is still accepting the application with the $400 fee instead. | ||
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== {{date|2010-04-30|mdy}} == | == {{date|2010-04-30|mdy}} == | ||
The bylaws are expected to be complete within a months time. Once the bylaws are complete, we will proceed with filling out the 1023 form for the 501(c)(3) application. This will put us drastically ahead for when the Cyber Assist is finally released. This way we can apply almost immediately once the form becomes available online. | The bylaws are expected to be complete within a months time. Once the bylaws are complete, we will proceed with filling out the 1023 form for the 501(c)(3) application. This will put us drastically ahead for when the Cyber Assist is finally released. This way we can apply almost immediately once the form becomes available online. | ||
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We have decided to go with the 501(c)(3) option after comparing the following. | We have decided to go with the 501(c)(3) option after comparing the following. | ||
| − | == Public Benefit 501(c)(3) === | + | === Public Benefit 501(c)(3) === |
* '''Cost:''' $850 if file in paper, $200 if file online | * '''Cost:''' $850 if file in paper, $200 if file online | ||
* This would be a public benefit type of organization and would then qualify for tax exemption. | * This would be a public benefit type of organization and would then qualify for tax exemption. | ||
Revision as of 18:16, 17 October 2010
June 10, 2010
The draft of the bylaws has been a long and hard process, but is now ready for the scrutiny of the rest of the group. We encourage others to pick at them and find where they think things should differ. Feel free to place those edits (in an orderly manner) on the Bylaws page itself.
May 14, 2010
The IRS has announced that the Cyber Assist is delayed due to glitches in the system and will not be released in 2010. This comes as a disappointment as the fees would have been only $200 for us to apply. However there is good news and that is that the original changes listed of it costing $850 to apply are not in place yet. The IRS is still accepting the application with the $400 fee instead.
April 30, 2010
The bylaws are expected to be complete within a months time. Once the bylaws are complete, we will proceed with filling out the 1023 form for the 501(c)(3) application. This will put us drastically ahead for when the Cyber Assist is finally released. This way we can apply almost immediately once the form becomes available online.
Cyber Assist is supposed to become available during this year.
March 5, 2010
We have decided to go with the 501(c)(3) option after comparing the following.
Public Benefit 501(c)(3)
- Cost: $850 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
- No Tax exemptions
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.