Scouts-L Mail Archive for December of 1999: Re: 503C Nonprofit
Re: 503C Nonprofit
Wed, 15 Dec 1999 10:55:28 EST
In a message dated 12/15/1999 9:40:48 AM Central Standard Time,
<< Are there IRS/Tax/additional paperwork filings that we would be
subject to if we were to pursue this?
This is not something I would advise doing without legal counsel, but then I
am an attorney. You will need to set up a non profit entity first: either a
corporation or an association of some kind. Paper work to draft. Paper work
to file with the appropriate state agency in your state. Next you have to
appy to the IRS for tax exempt or charitable status using the appropriate
forms (its about 15 pages). Then you have to answer their questions-
estimated time 6 months to 1 year. Finally you have to register your
organization with the state as a "charitable" organization. Oh, don't forget
the distinction between a tax exempt and a charitable organization. The
former pays no income taxes; the latter pays no income taxes and
contributions to it are deductible as chaitable contributions.
Finally, of course, there are the annual returns of exempt organizations
(Forms 990 and whatever for the state) to be filed every year thereafter.
Don't do this unless you have to.
Yours in Scouting,
G. John Marmet
Scouter at Law