+ Reply to Thread
Page 1 of 2 12 LastLast
Results 1 to 15 of 25

Thread: Officially a Non-Profit

Hybrid View

  1. #1
    BleedTechBlue.com JFord has a brilliant futureJFord has a brilliant futureJFord has a brilliant futureJFord has a brilliant futureJFord has a brilliant futureJFord has a brilliant futureJFord has a brilliant futureJFord has a brilliant futureJFord has a brilliant futureJFord has a brilliant futureJFord has a brilliant future
    Join Date
    Jul 2007
    Location
    Ruston, LA
    Posts
    3,466

    Thumbs Up Officially a Non-Profit

    The Blue would like to extend a special thanks to Robert U. Goodman for donating his services. We have received word from the Secretary of State and the articles of incorporation have been filed with Lincoln Parish. JFord

  2. #2
    Champ CARTEK has a reputation beyond reputeCARTEK has a reputation beyond reputeCARTEK has a reputation beyond reputeCARTEK has a reputation beyond reputeCARTEK has a reputation beyond reputeCARTEK has a reputation beyond reputeCARTEK has a reputation beyond reputeCARTEK has a reputation beyond reputeCARTEK has a reputation beyond reputeCARTEK has a reputation beyond reputeCARTEK has a reputation beyond repute CARTEK's Avatar
    Join Date
    Sep 2002
    Location
    Kingwood, Texas
    Posts
    6,792

    Re: Officially a Non-Profit

    The SOS does not make an organization non-profit...only the IRS can confer that privilege on you!
    I'm an asshole! What's your excuse?

  3. #3
    Progressive King of 2011 Dawgpix has a reputation beyond reputeDawgpix has a reputation beyond reputeDawgpix has a reputation beyond reputeDawgpix has a reputation beyond reputeDawgpix has a reputation beyond reputeDawgpix has a reputation beyond reputeDawgpix has a reputation beyond reputeDawgpix has a reputation beyond reputeDawgpix has a reputation beyond reputeDawgpix has a reputation beyond reputeDawgpix has a reputation beyond repute Dawgpix's Avatar
    Join Date
    Sep 2002
    Location
    Western Ouachita Parish
    Posts
    19,257

    Re: Officially a Non-Profit

    Yeah, keep your legal and accounting advisor handy, ford.
    Louisiana Tech University
    Flagship of the University of Louisiana System

  4. #4
    BleedTechBlue.com JFord has a brilliant futureJFord has a brilliant futureJFord has a brilliant futureJFord has a brilliant futureJFord has a brilliant futureJFord has a brilliant futureJFord has a brilliant futureJFord has a brilliant futureJFord has a brilliant futureJFord has a brilliant futureJFord has a brilliant future
    Join Date
    Jul 2007
    Location
    Ruston, LA
    Posts
    3,466

    Re: Officially a Non-Profit

    DP, thats where you come in, is it not?

    JFord

  5. #5
    Administrator & 2006 Men's Progressive Bracket Champion Dwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond repute Dwayne From Minden's Avatar
    Join Date
    Aug 2002
    Location
    The Southwest Side of Beautiful Lake Claiborne
    Posts
    35,961

    Re: Officially a Non-Profit

    All I can say is that it is VERY HARD to get the IRS to give you not for profit status -

    You can form the corporation and have the paper work in hand but until Uncle Sam gives his blessing it is not -

    All I can say is that if you do get the status you had better walk a VERY TITE line -

    All monies must be accounted for and used for the intented purpose - and paying travel expenses to ballgames for students will not qualify -

    If you don't FRAUD enters the picture and that is where it gets very sticky -

    That is why BB&B steered clear of going for a not-for-profit status - too much read tape and too much liability assumed and implied on the partners - and ALL OF OUR MONEY except the board operating fees goes directly to TECH in some shape form or fashion -

    a NFP is a sticky situation -
    ''Don't be a bad dagh..."

  6. #6
    BleedTechBlue.com JFord has a brilliant futureJFord has a brilliant futureJFord has a brilliant futureJFord has a brilliant futureJFord has a brilliant futureJFord has a brilliant futureJFord has a brilliant futureJFord has a brilliant futureJFord has a brilliant futureJFord has a brilliant futureJFord has a brilliant future
    Join Date
    Jul 2007
    Location
    Ruston, LA
    Posts
    3,466

    Re: Officially a Non-Profit

    Quote Originally Posted by Dwayne From Minden
    All I can say is that it is VERY HARD to get the IRS to give you not for profit status -

    You can form the corporation and have the paper work in hand but until Uncle Sam gives his blessing it is not -

    All I can say is that if you do get the status you had better walk a VERY TITE line -

    All monies must be accounted for and used for the intented purpose - and paying travel expenses to ballgames for students will not qualify -

    If you don't FRAUD enters the picture and that is where it gets very sticky -

    That is why BB&B steered clear of going for a not-for-profit status - too much read tape and too much liability assumed and implied on the partners - and ALL OF OUR MONEY except the board operating fees goes directly to TECH in some shape form or fashion -

    a NFP is a sticky situation -
    thanks DFM, I'm sure all parties involved will read this and think twice. I sure won't be putting my name anywhere near anything about a non-profit.

    JFord

  7. #7
    Champ glm47 has a reputation beyond reputeglm47 has a reputation beyond reputeglm47 has a reputation beyond reputeglm47 has a reputation beyond reputeglm47 has a reputation beyond reputeglm47 has a reputation beyond reputeglm47 has a reputation beyond reputeglm47 has a reputation beyond reputeglm47 has a reputation beyond reputeglm47 has a reputation beyond reputeglm47 has a reputation beyond repute
    Join Date
    Sep 2002
    Location
    The Twilight Zone
    Posts
    6,200

    Re: Officially a Non-Profit

    Quote Originally Posted by Dwayne From Minden
    All I can say is that it is VERY HARD to get the IRS to give you not for profit status -

    You can form the corporation and have the paper work in hand but until Uncle Sam gives his blessing it is not -

    All I can say is that if you do get the status you had better walk a VERY TITE line -

    All monies must be accounted for and used for the intented purpose - and paying travel expenses to ballgames for students will not qualify -

    If you don't FRAUD enters the picture and that is where it gets very sticky -

    That is why BB&B steered clear of going for a not-for-profit status - too much read tape and too much liability assumed and implied on the partners - and ALL OF OUR MONEY except the board operating fees goes directly to TECH in some shape form or fashion -

    a NFP is a sticky situation -
    Unless you have a "Jesse Jackson" exemption.

  8. #8
    Administrator & 2006 Men's Progressive Bracket Champion Dwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond repute Dwayne From Minden's Avatar
    Join Date
    Aug 2002
    Location
    The Southwest Side of Beautiful Lake Claiborne
    Posts
    35,961

    Re: Officially a Non-Profit

    Quote Originally Posted by glm47
    Unless you have a "Jesse Jackson" exemption.
    Yep - and these kids don't have what it takes to qualify for that exemption....

    Ford - truthfully - if I were giving guidance and advice - I would tell ya'll to operate as an LLC - and NET OUT at the end of the year -

    This can easily be done - and you can get your contributors a tax write-off if the MONIES go to a 3rd party that is a NFP -
    ''Don't be a bad dagh..."

  9. #9
    Champ markay714 has a brilliant futuremarkay714 has a brilliant futuremarkay714 has a brilliant futuremarkay714 has a brilliant futuremarkay714 has a brilliant futuremarkay714 has a brilliant futuremarkay714 has a brilliant futuremarkay714 has a brilliant futuremarkay714 has a brilliant futuremarkay714 has a brilliant futuremarkay714 has a brilliant future markay714's Avatar
    Join Date
    Sep 2002
    Location
    Ruston
    Posts
    5,020

    Re: Officially a Non-Profit

    Quote Originally Posted by glm47
    Unless you have a "Jesse Jackson" exemption.
    I saw his picture - don't think he's eligible for that exemption.

  10. #10
    Champ Jen_Leigh is just really niceJen_Leigh is just really niceJen_Leigh is just really niceJen_Leigh is just really niceJen_Leigh is just really niceJen_Leigh is just really niceJen_Leigh is just really niceJen_Leigh is just really niceJen_Leigh is just really niceJen_Leigh is just really niceJen_Leigh is just really nice Jen_Leigh's Avatar
    Join Date
    Mar 2006
    Location
    Tyler, Texas
    Posts
    1,172

    Re: Officially a Non-Profit

    geezum . . . seems a little tense in here but that awesome if we do get non-profit.

  11. #11
    2006 ESPN Mr. Bracket "T" is just really nice"T" is just really nice"T" is just really nice"T" is just really nice"T" is just really nice"T" is just really nice"T" is just really nice"T" is just really nice"T" is just really nice"T" is just really nice"T" is just really nice "T"'s Avatar
    Join Date
    Oct 2005
    Location
    Watson
    Posts
    846

    Re: Officially a Non-Profit

    It's ok guys.. This is the reason that we had Mr. Goodman, who has been incredible, do this for us. (he is a layer in shreveport) Also, my parents have done this a few years back so I know exactly what it takes to be approved. The words IRS and Uncle Sam make it sound difficult and scarry... but it is not. All we need now is our tax ID number (which is currently being processed) and everything will be completely final. I'm really glad yall are concerned, and I appreciate it. We're doing everything acording to the book and will have no legal problems what so ever.

    "T"

  12. #12
    Administrator & 2006 Men's Progressive Bracket Champion Dwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond repute Dwayne From Minden's Avatar
    Join Date
    Aug 2002
    Location
    The Southwest Side of Beautiful Lake Claiborne
    Posts
    35,961

    Re: Officially a Non-Profit

    Quote Originally Posted by T
    It's ok guys.. This is the reason that we had Mr. Goodman, who has been incredible, do this for us. (he is a layer in shreveport) Also, my parents have done this a few years back so I know exactly what it takes to be approved. The words IRS and Uncle Sam make it sound difficult and scarry... but it is not. All we need now is our tax ID number (which is currently being processed) and everything will be completely final. I'm really glad yall are concerned, and I appreciate it. We're doing everything acording to the book and will have no legal problems what so ever.

    "T"
    I will ask you again -

    Have you got the letter from the IRS that OFFICALLY bestows the 503c status upon the corporation -

    IF you have NOT -

    You are not a NOT FOR PROFIT and can not operate as such -

    BTW- Sooner is a lawyer, Cartek is a lawyer, GLM is a CPA with over 25 years in the field and I have over 17 years in the field -

    We have seen these things blow up time and time again because a lawyer files for the corporation but DOES NOT get the letter granting 503c status from the IRS - which is usually about a 4 to 6 month process to get it granted -
    ''Don't be a bad dagh..."

  13. #13
    Champ TECHAJUN is just really niceTECHAJUN is just really niceTECHAJUN is just really niceTECHAJUN is just really niceTECHAJUN is just really niceTECHAJUN is just really niceTECHAJUN is just really niceTECHAJUN is just really niceTECHAJUN is just really niceTECHAJUN is just really niceTECHAJUN is just really nice TECHAJUN's Avatar
    Join Date
    Sep 2002
    Location
    Ruston
    Posts
    1,015

    Re: Officially a Non-Profit

    And once you have your 503c status...remember...every contest that you do...for example: selling a raffle ticket for a chance to win a four wheeler with proceeds going to Tech...or cake walk...or bingo etc...doesn't matter if you give all proceeds to Tech or anyother cause....you must file with the La State Police Gaming Division(actually the the La State Dept of Revenue) getting their permission for each event you do...
    501c charitable gaming form...

  14. #14
    Progressive King of 2011 Dawgpix has a reputation beyond reputeDawgpix has a reputation beyond reputeDawgpix has a reputation beyond reputeDawgpix has a reputation beyond reputeDawgpix has a reputation beyond reputeDawgpix has a reputation beyond reputeDawgpix has a reputation beyond reputeDawgpix has a reputation beyond reputeDawgpix has a reputation beyond reputeDawgpix has a reputation beyond reputeDawgpix has a reputation beyond repute Dawgpix's Avatar
    Join Date
    Sep 2002
    Location
    Western Ouachita Parish
    Posts
    19,257

    Re: Officially a Non-Profit

    and account for ALL unsold tickets with the form.
    Louisiana Tech University
    Flagship of the University of Louisiana System

  15. #15
    Administrator & 2006 Men's Progressive Bracket Champion Dwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond reputeDwayne From Minden has a reputation beyond repute Dwayne From Minden's Avatar
    Join Date
    Aug 2002
    Location
    The Southwest Side of Beautiful Lake Claiborne
    Posts
    35,961

    Re: Officially a Non-Profit

    And make sure you file your 990 timely and accurately and have it prepared by a CPA or some other registered agent (at the very least) -

    There is a reason our brain trust here on BB&B steered away from a 503c and these are just a few -
    ''Don't be a bad dagh..."

+ Reply to Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts