Quote:
Originally posted by Bill Gold
I'd like to add another concern to the pile started by others. As an organization or an incorporated organization, it's my understanding that iF would be responsible for paying taxes on this money. I would suggest that iF obtain tax exempt status (501c[insert number here]) before attempting to deal with amounts of money on the order of thousands or more.
The Western Region Robotics Forum, Inc. has obtained their 501c3 tax exempt status, and is now in the process of courting many high dollar sponsors (in addition to a good relationship with NASA Ames Research Center). Also, for a little perspective, this is the 4th year of existence for the WRRF. I commend iF's goal of helping teams in need, but (without meaning to sound negative) I would suggest that you exercise caution in your endeavors.
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Thank you for the excellent advice. We are working (in all our spare time that we have) in obtaining the 501(c) non-profit status. It is our understanding that we could work with some money without having to pay any serious taxes on it. We are going to be working over the next couple of months of finalizing our 501 paperwork and hoping to submit it very soon to the IRS.
Thanks again for the advice.