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8824 Ladies Man
Joined: 29 Jul 2004 Posts: 15136 City: Wilmington, Delaware
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Posted: Jan 04, 2007 8:54 am Post subject: NON FOR PROFITS |
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Anyone familiar with setting up a NFP? _________________ www.integrity-wake.com |
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brew Wakeboarder.com Freak
Joined: 09 Aug 2005 Posts: 2778 City: Jackson
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Posted: Jan 07, 2007 5:52 am Post subject: |
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Somewhat, what's your question? |
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8824 Ladies Man
Joined: 29 Jul 2004 Posts: 15136 City: Wilmington, Delaware
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Posted: Jan 11, 2007 9:33 am Post subject: |
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brew, Sorry, for the lag.
How hard is it setting up a NFP since 9/11? I heard the scrutiny and regs are much more difficult than pre 9/11.
Thanks! sorry for the delay.... _________________ www.integrity-wake.com |
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Wakebrad Ladies Man
Joined: 11 Dec 2003 Posts: 12257 City: Dallas
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Posted: Jan 11, 2007 12:55 pm Post subject: |
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Working on getting muckology moving eh? _________________ You have just entered the twilight zone. |
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8824 Ladies Man
Joined: 29 Jul 2004 Posts: 15136 City: Wilmington, Delaware
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Posted: Jan 11, 2007 2:43 pm Post subject: |
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Wakebrad wrote: | Working on getting muckology moving eh? |
Exactly!
SEND ME YOUR MONEY AND YOU WILL BE SAVED! _________________ www.integrity-wake.com |
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brew Wakeboarder.com Freak
Joined: 09 Aug 2005 Posts: 2778 City: Jackson
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Posted: Jan 14, 2007 5:45 am Post subject: |
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It's not any more difficult to set one up. The only thing that has really changed is that they are wached more closely now than before. The IRS scrutinizes 990's more and has also upped their audits.
As long as you have a stated purpose, a board that meets regularly, and follow the rules for chariable organizations you would likely be fine. |
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8824 Ladies Man
Joined: 29 Jul 2004 Posts: 15136 City: Wilmington, Delaware
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Posted: Jan 17, 2007 12:37 pm Post subject: |
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brew, how many people need to be on the board? 1? _________________ www.integrity-wake.com |
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brew Wakeboarder.com Freak
Joined: 09 Aug 2005 Posts: 2778 City: Jackson
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Posted: Jan 17, 2007 8:29 pm Post subject: |
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Your state only requires one director, but the IRS generally requires 3 distinct individuals to get approval. The key is that the three individuals do not have to be in the same location, as far as I know.
It also takes several months to get approval from the IRS. The first steps are to get approval at the state level as well as obtain an EIN number. |
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