5013c Help

[protoserge]

Originally Posted by sanddrag

Oooh, three years out huh? I could see us with 12-24 months under the $50,000 cap, and (hopefully) surpassing that about two years after establishing the organization. Hrrmmm.

Thanks for the help though. This has been VERY informational.

I would definitely recommend you do the normal 1023 form. It really is not bad. It just takes a few of the organizers/founders to sit down and hammer through it for a day to make sure you've answered every question on the document. If you think you may engage in any of the activities listed (scholarships, etc.) identify it and establish a policy or policy document that will detail the operations process.

Assuming you've already established a nonprofit business entity in your state, you can collect funds and operate, however, donations are not tax-deductible at this point.

Once you build momentum, you don't want an IRS process to halt you from being more aggressive in raising funds and establishing partnerships with donors.

Set yourself up for the long term. We (FIRST family) want you around for a while