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
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
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?
Yeah, keep your legal and accounting advisor handy, ford.
Louisiana Tech University
Flagship of the University of Louisiana System
DP, thats where you come in, is it not?
JFord
geezum . . . seems a little tense in here but that awesome if we do get 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..."
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.Originally Posted by Dwayne From Minden
JFord
Unless you have a "Jesse Jackson" exemption.Originally Posted by Dwayne From Minden
Yep - and these kids don't have what it takes to qualify for that exemption....Originally Posted by glm47
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..."
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"
awesome david . . . so what exactly does this do for the blue??
I will ask you again -Originally Posted by T
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..."
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...
and account for ALL unsold tickets with the form.
Louisiana Tech University
Flagship of the University of Louisiana System
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..."