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501(c)3
Jan 20, 2019 19:36:00 GMT -6
Post by huskerhoyahawk on Jan 20, 2019 19:36:00 GMT -6
Does anyone have any experience setting up one of these? I'm currently coaching wrestling and we are looking to set up our own fundraising mechanism. Thanks in advance.
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501(c)3
Jan 21, 2019 12:58:13 GMT -6
Post by CanyonCoach on Jan 21, 2019 12:58:13 GMT -6
Our youth program went through the process this past year. They hired someone to do the paperwork. Biggest hurdle is getting the Head HS coach to keep receipts and we look at volunteers as being paid staff if we were previously giving them a stipend to cover expenses, that way they don't have to come up with receipts etc...
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Post by fkaboneyard on Jan 23, 2019 16:59:45 GMT -6
1 - Set up a corporation in the state you're in, register it with the Secretary of State. 2 - Hold a board meeting, approve nonprofit status 3 - File for a FEIN with the IRS
4 - File for application for exemption for tax with the IRS
If you're talking about paying volunteers a stipend instead of them receiving reimbursements for expenses you should tread lightly. You're well on the way to having them as employees or at least independent contractors (think W-2 or 1099's). People don't want to lay out $$ for a nonprofit and then end up with a tax burden for their troubles.
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501(c)3
Jan 23, 2019 21:36:12 GMT -6
Post by bobgoodman on Jan 23, 2019 21:36:12 GMT -6
The only reason it makes sense to have a 501(c)(3) is to have people make big enough donations that it pays for them to itemize their deductions on income tax form 1040 A-B.
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Post by tigerpride on Jan 24, 2019 12:56:22 GMT -6
In the process of doing this.
1. Draw up some articles of incorporation (google the hell out of it) 2. Apply to your state (KY was pretty friendly when I called). 3. The state should return your status fairly quickly. 4. In order to be 501c, you must apply with IRS by filing the 1023 form. 5. You can google the hell out of this, too. There are some excellent videos on youtube to coach u through it. 6. After you receive your state status, you need to send the 1023, articles of inc, bylaws and $850 to the IRS. You will also have to attach a few things.
Good luck - lots of fun.
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