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Topic: 501c3 status( Topic Closed) | |
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Author | Message |
kmdded
Player Joined: 1/18/07 Online Status: Offline Posts: 28 |
Posted: 4/26/07 at 10:11pm |
Along this line with starting a non-profit theatre.....How many people must constitute the board of directors and can the founders be on the board or does it have to be broader than that?
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laurielu
Walk-On Joined: 4/07/07 Location: United States Online Status: Offline Posts: 0 |
Posted: 4/27/07 at 3:31am |
Our group just got our 501(c)(c) status. We did it with four board members; two of us were founding members. We were never asked about the make-up of our board. We did, however, incorporate in our state first and then we had a tax/accounting specialist (not necessarily a CPA) do the paperwork for us. She was happy to help and in lieu of payment, we've given her 'patron' status.
Hope this helps,
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laurielu
Walk-On Joined: 4/07/07 Location: United States Online Status: Offline Posts: 0 |
Posted: 4/27/07 at 3:34am |
Oh, I should add that the IRS fees are rather steep. We paid $750 for the 501(c)(3) because we had over a certain amount in our bank account.
L.
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POB14
Celebrity Joined: 7/01/05 Location: United States Online Status: Offline Posts: 349 |
Posted: 4/27/07 at 9:18am |
It's based on gross reciepts, not cash on hand. Form 8718.
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POB
Old Bugger, Curmudgeon, and Antisocial B**tard |
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