Alex T. wrote:
I had previously suggested that legal advice (or at
least
a not-for-profit accountant) should be obtained for
filing the 1023 for 501(c)(3) status.
I'm sure that we have enough smart people to figure this out. The
possible problem may be with having a single donor footing all the
bills. We need to make some decisions regarding the corporate structure
of the foundation.
I would also like
to point out (as I have before on Meta Wikipedia)
that it is not necessary to file if the organization's donations
are under $5,000. Thus if you wish to announce donations
you can accept them if they are under a certain amount.
The $5,000 floor is convenient in the short run, and I would be
surprised if we get that much during 2003.
I would also urge you to look into filing with the necessary
state authorities regarding charitable contributions some states
have made these rules rather tough.
This may be moot since Florida does not have a state personal income tax.
There is also a grace period for filing the 1023
that can be extended for a variety of reasons.
Of course, so we don't need to rush.
I cannot
stress to much that seeking legal advice (even pro bono which is what
I offered and no one has taken me up on) is a good thing
as MANY groups are refused tax exempt status due to the
fact that they have not checked the various IRS rulings and
have drafted a corporate charter/certificates without the proper
exempt purposes or correct recitials regarding termination
transfers, etc..
What are you suggesting might be the potential difficulties in this case?
Eclecticology