Woo-hoo it's official!- Mtbr.com
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  1. #1
    Don't worry, be happy!
    Reputation: formica's Avatar
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    Woo-hoo it's official!

    We got our IRS 501(c)3 certificate today!

    www.fttrc.org

  2. #2
    Don't worry, be happy!
    Reputation: formica's Avatar
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    I think it went up. Our application took 1.5 years because we had some issues. At the time we applied the fee was based on club size and budget; it was $150 for us but I think it's now $400. (ouch)

    The application is your classic 200 pages of instructions for 20 pages of IRS forms, once you figure out which kind of charity you are. Mere mortals can kind of sort of do it, but if you can find a tax lawyer to donate his time to review your app it would save you a lot of grief.

    The basic requirements are:
    -your club needs to be registered/incorporated at the state level first ( we forgot to do this, do'h)
    - you have to have a set of bylaws voted on and in place. There are certain verbiage requirements for the bylaws.
    - you need to give a sample annual budget for the organization
    -you need to show samples of what kind of charitable work you do.

    The things we basically screwed up were forgetting to register with the state, and we were missing a clause in our bylaws that had to be revised and voted on.

    Then you fill everything out, write them a check and sit back and wait.

    It is retroactive for 28 months.

    formica

  3. #3
    Builder of Trails
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    Feb 2004
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    Congrats! Now this means more work for your club....filling out more grant forms, etc.

    Good job.

    Dewayne

  4. #4
    I should be out riding
    Reputation: ACree's Avatar
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    Sep 2004
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    And keep in mind, this is just an advance ruling - in a couple years you'll get a notice, and have to complete several more forms to prove that you're indeed a public charity rather than a private foundation. So keep good financial records....

    Congrats on getting it though, it can be a lot of work.

    Quote Originally Posted by formica
    I think it went up. Our application took 1.5 years because we had some issues. At the time we applied the fee was based on club size and budget; it was $150 for us but I think it's now $400. (ouch)

    The application is your classic 200 pages of instructions for 20 pages of IRS forms, once you figure out which kind of charity you are. Mere mortals can kind of sort of do it, but if you can find a tax lawyer to donate his time to review your app it would save you a lot of grief.

    The basic requirements are:
    -your club needs to be registered/incorporated at the state level first ( we forgot to do this, do'h)
    - you have to have a set of bylaws voted on and in place. There are certain verbiage requirements for the bylaws.
    - you need to give a sample annual budget for the organization
    -you need to show samples of what kind of charitable work you do.

    The things we basically screwed up were forgetting to register with the state, and we were missing a clause in our bylaws that had to be revised and voted on.

    Then you fill everything out, write them a check and sit back and wait.

    It is retroactive for 28 months.

    formica

  5. #5
    Don't worry, be happy!
    Reputation: formica's Avatar
    Join Date
    Jul 2004
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    8,140
    Quote Originally Posted by ACree
    And keep in mind, this is just an advance ruling - in a couple years you'll get a notice, and have to complete several more forms to prove that you're indeed a public charity rather than a private foundation. So keep good financial records....
    ...groan...

    Don't worry, we've got some good spreadsheets going.

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