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Thread: Officially a Non-Profit

  1. #16
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    Re: Officially a Non-Profit

    What is the point of The Blue going nonprofit? It seems a little silly for a student organization to try and gain that status...

  2. #17
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    Re: Officially a Non-Profit

    see thats what i had asked. Why are we going non profit? i guess i just don't get the big deal if we always have to file paper work

  3. #18
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    Re: Officially a Non-Profit

    Just a few are tax breakes.. for both our purchases and for those who donate... it gives people a more comfortablefeeling being able to donate to a reputable foundation held accountable for their money instead of just handing cash to a bunch of, as DFM calls us, "kids" :icon_wink... as well as creating greater opportunities to work directly with the athletic department on certian issues... and also attaining grants.

    These are just a few things of the thoughts behind our reasoning..

    "T"

  4. #19
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    Re: Officially a Non-Profit

    Grants, eh?

    I work in grants, and they aint as easy as they look. Foundations dont just cut checks to well-written applications. Grantors consider themselves investors in a community or cause, and they monitor their investments very closely.

    As a heads up -- here are the FIRST 3 things a grantor will ask ...

    Who is on your non-profit's board / staff?
    What is your mission statement / strategic plan?
    What have you done to raise funds on your own?

    Not to discourage you ... but as someone who serves on the board of a national non-profit (and interacts with a great many more), I would like to join the professionals on this thread in advising caution. It aint cut and dry. It aint easy. It takes a lot of work.

    Good luck!


  5. #20
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    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.

  6. #21
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    Re: Officially a Non-Profit

    Quote Originally Posted by T
    Just a few are tax breakes.. for both our purchases and for those who donate... it gives people a more comfortablefeeling being able to donate to a reputable foundation held accountable for their money instead of just handing cash to a bunch of, as DFM calls us, "kids" :icon_wink... as well as creating greater opportunities to work directly with the athletic department on certian issues... and also attaining grants.

    These are just a few things of the thoughts behind our reasoning..

    "T"
    ok i was just curious b/c when jford started this thread i reallly didn't get why we needed to be non profit! haha! have a nice one

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    Re: Officially a Non-Profit

    I will advise you again -

    UNLESS you have received your Letter of Determination (Form 1045) from the IRS granting you 501(c)(3) status -

    You are NOT a legal not-for-profit - no matter what you have filed with the state -

    And I would adivse you NOT to operate or claim that you are a NFP until you have that letter of determination in hand -

    The small amount of money you will save on being exempt from tailgate supplies is NOT worth the risk....
    ''Don't be a bad dagh..."

  8. #23
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    Re: Officially a Non-Profit

    I'm with the older fellas. I have no affiliation with the Blue other than a common interest. But from my experience, incorporating is a good idea, going non-profit would be a bad idea. I really think that you should quantify the savings, opportunity, and cost for this move. I doubt the opportunity for grants or donations can overcome the costs and risk (both personal and organizational) of being a non-profit. I would even talk to your current supporters to see if it would increase donations. We are all speaking with concern for the Blue and not wanting to see a good thing end because of something like this. I would say go get a consultation with a good accountant or lawyer, but you've already gotten them here.

  9. #24
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    Re: Officially a Non-Profit

    Quote Originally Posted by T
    it gives people a more comfortablefeeling being able to donate to a reputable foundation held accountable for their money instead of just handing cash to a bunch of, as DFM calls us, "kids" :icon_wink...
    Unless you form an advisory board or soemthing like it, then you will continue to be a bunch of "kids" regardless of government designation. Step one should be a open statement in this public forum that you are not "officially a non-profit" just in case someone got that idea from somewhere. Remember, the tight line starts NOW.

  10. #25
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    Re: Officially a Non-Profit

    Just so we can get it all cleared up and move past it:

    We are not, but are in the process of application for non proffit status.


    Champ, thanks for your input as well. I'm not sure how easy, or hard, it will be to get most grants, but we do have a quarterly grant already lined up waiting for our final approval as an NPO. That's where that statement is coming from.

    "T"

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