Becoming Non Profit?

[Jimmy Nichols]

Our team utilizes not only the student account, but we also have our own non-profit. This gives us the best of both worlds. We use the Student account to receive student travel fees and pay for hotels and transportation for the Regionals. We also have some sponsors who prefer to donate their money to the school. We utilize their PO system to perform most purchases.

We also formed a non-profit and paired with our local Community Foundation as our 501(c)3. We have a Non-Endowed Fund set-up with them that can receive donations. We can make purchases and being reimbursed is much easier than with the school. We have some sponsors who prefer this method of donating. The Foundation handles the receiving of the donations, as well as other administrative duties (tax's, etc.). They charge us 2% annually with a minimum of $100 a year. Very little compared to how much work they do for us.

I hope the information I sent Paul is helping, let me know if you all have any other questions.