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NON FOR PROFITS

 
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8824
Ladies Man
Ladies Man


Joined: 29 Jul 2004
Posts: 15136
City: Wilmington, Delaware

PostPosted: Jan 04, 2007 8:54 am    Post subject: NON FOR PROFITS Reply with quote

Anyone familiar with setting up a NFP?
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brew
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Joined: 09 Aug 2005
Posts: 2778
City: Jackson

PostPosted: Jan 07, 2007 5:52 am    Post subject: Reply with quote

Somewhat, what's your question?
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8824
Ladies Man
Ladies Man


Joined: 29 Jul 2004
Posts: 15136
City: Wilmington, Delaware

PostPosted: Jan 11, 2007 9:33 am    Post subject: Reply with quote

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....

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Wakebrad
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Joined: 11 Dec 2003
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City: Dallas

PostPosted: Jan 11, 2007 12:55 pm    Post subject: Reply with quote

Working on getting muckology moving eh?
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8824
Ladies Man
Ladies Man


Joined: 29 Jul 2004
Posts: 15136
City: Wilmington, Delaware

PostPosted: Jan 11, 2007 2:43 pm    Post subject: Reply with quote

Wakebrad wrote:
Working on getting muckology moving eh?


Exactly!

SEND ME YOUR MONEY AND YOU WILL BE SAVED!

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brew
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PostPosted: Jan 14, 2007 5:45 am    Post subject: Reply with quote

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
Ladies Man


Joined: 29 Jul 2004
Posts: 15136
City: Wilmington, Delaware

PostPosted: Jan 17, 2007 12:37 pm    Post subject: Reply with quote

brew, how many people need to be on the board? 1?
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brew
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Joined: 09 Aug 2005
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PostPosted: Jan 17, 2007 8:29 pm    Post subject: Reply with quote

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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