Thread: Big Big Problem
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Unread 03-10-2005, 13:55
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ThunderChief ThunderChief is offline
Scouting Mentor 3476 Code Orange
AKA: Gary Hedge
FRC #3476 (Code Orange / ThunderBots)
Team Role: Mentor
  
Join Date: Apr 2005
Rookie Year: 2002
Location: Dana Point, CA
Posts: 60
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Thumbs up Re: Easy 501-C-3 Set-up
Team 980 - ThunderBots has a checking account named "Friends of FIRST Team 980" that is controlled by 2 mentors. This receives T-shirt sales, sponsorships, raffle ticket sales ($5 for a Roomba vacuum cleaner).

But for donations we have a 501-C-3 "Donor Advaised Foundation" called "Lightning Edcational Foundation" that was quickly and easily set up under the National Heritage Foundation. People make checks payable to the "Lightning Edcational Foundation" which are sent to the National Heritage Foundation for deposit. National Heritage Foundation does the paperwork of sending out the donation confirmation letters for a 2 1/2 % fee. Then the Team applies for a grant to pay our big expenses like FIRST registrations, air fares and hotel. They either send a check to FIRST, etc. or to "Friends of FIRST Team 980" to reimburse payments already made.
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