501c3 Status: Difference between revisions

Revision as of 16:15, 3 May 2014

Primary task masters: Dan and Mark

~~Get a Seattle City Business license - $67 with late fees and credit/debit surcharge.~~
DONE by mfoster...awaiting paperwork via postal mail
Unify our two state business licenses - License 1 & License 2 - I'll look into this
^^ why? we have two but one is old/expired so why does this need to be done?
File our state taxes with the Department of Revenue - We can almost assuredly declare no revenue, donations are not counted as revenue if your a state nonprofit. - Medium priority, can easily be backdated.
^^ who is doing this, and when?
~~Create a EIN/TIN or create one if we don't have one.~~
DONE by mfoster..EIN Assigned (2014-04-25): 46-5557264
Register a DUNS Number
<--who is doing this and when? Dan?
Secure a signed letter stating that we operate under the Filipino Community Center's 501c3 status & get a copy of the IRS Letter of Determination of 501c3 status for the Filipino Community Center.
^^ Who's doing this and when? Jon?
Open a checking account - BECU seems to be the favorite, we should do a quick market survey beforehand though.
mfoster will do this soon (May?), and now that we have an EIN it should be non-blocked. However I (mfoster) need paperwork from Jon to move forward, namely the articles of Incorporation
Open a credit card, build credit so we may avoid deposits on monthly services when we get them, and make getting loans or renting/leasing space significantly easier.
501c3 filing - step by step guide by the IRS (url?), ask to expedite to avoid waiting potentially 3 to 11 months.
There are a few steps here... 1) draft the paperwork 2) review with a lawyer 3) file with the IRS.
Then we're a full blown 501c3 & could start sponsoring other up and coming nonprofits, give tax deductible donation receipts (we already do this often through FCS), etc

@@ Line 2: / Line 2: @@
 [[Category:Projects]]
-# Get a Seattle City Business license - $67 with late fees and credit/debit surcharge. ''DONE''
+Primary task masters: Dan and Mark
-# Unify our two state business licenses - License 1 & License 2 - I'll look into this
-# File our state taxes with the Department of Revenue - We can almost assuredly declare no revenue, donations are not counted as revenue if your a state nonprofit. - Medium priority, can easily be backdated.
+# <strike>Get a Seattle City Business license - $67 with late fees and credit/debit surcharge. </strike><br>''DONE by mfoster''...awaiting paperwork via postal mail
-# Create a EIN/TIN or create one if we don't have one.
+# Unify our two state business licenses - License 1 & License 2 - I'll look into this <br>''^^ why? we have two but one is old/expired so why does this need to be done?''
-# Register a DUNS Number
+# File our state taxes with the Department of Revenue - We can almost assuredly declare no revenue, donations are not counted as revenue if your a state nonprofit. - Medium priority, can easily be backdated.<br>''^^ who is doing this, and when?''
-# Secure a signed letter stating that we operate under the Filipino Community Center's 501c3 status & get a copy of the IRS Letter of Determination of 501c3 status for the Filipino Community Center.
+# <strike>Create a EIN/TIN or create one if we don't have one.</strike><br>''DONE by mfoster''..EIN Assigned (2014-04-25): 46-5557264
-# Open a checking account - BECU seems to be the favorite, we should do a quick market survey beforehand though.
+# Register a DUNS Number<br>''<--who is doing this and when? Dan?''
+# Secure a signed letter stating that we operate under the Filipino Community Center's 501c3 status & get a copy of the IRS Letter of Determination of 501c3 status for the Filipino Community Center.<br>''^^ Who's doing this and when?  Jon?''
+# Open a checking account - BECU seems to be the favorite, we should do a quick market survey beforehand though.<br>''mfoster will do this soon (May?), and now that we have an EIN it should be non-blocked. However I (mfoster) need paperwork from Jon to move forward, namely the articles of Incorporation''
 # Open a credit card, build credit so we may avoid deposits on monthly services when we get them, and make getting loans or renting/leasing space significantly easier.
-# Begin 501c3 paperwork - step by step guide by the IRS, ask to expedite to avoid waiting potentially 3 to 11 months.
+# 501c3 filing - step by step guide by the IRS ''(url?)'', ask to expedite to avoid waiting potentially 3 to 11 months.<br>''There are a few steps here... 1) draft the paperwork 2) review with a lawyer 3) file with the IRS.''
-# At this point we should be a full blown 501c3, so we could start sponsoring other up and coming nonprofits, give tax deductible donation receipts (we already do this often through FCS), etc
+# Then we're a full blown 501c3 & could start sponsoring other up and coming nonprofits, give tax deductible donation receipts (we already do this often through FCS), etc