Ask Experts Questions for FREE Help !
Ask
    topcatkc's Avatar
    topcatkc Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 9, 2007, 08:04 PM
    Changing non-profit status
    I am a member of an organization in Colorado that currently operates under a 501(c)(7) status. We are discussing changing it to a 501(c)(3) so that we may do more fundraising and be able to receive a tax-deductible donations. We are not incorporated at this time, but do have by-laws that we operate under. Where do we start?
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
    		  
    #2

    Nov 10, 2007, 11:23 AM
    Quote Originally Posted by topcatkc
    I am a member of an organization in Colorado that currently operates under a 501(c)(7) status. We are discussing changing it to a 501(c)(3) so that we may do more fundraising and be able to receive a tax-deductible donations. We are not incorporated at this time, but do have by-laws that we operate under. Where do we start?

    As a non for profit you must be absolutely positive that you are in compliance with Federal and State laws, including IRS Regs, and I would suggest you contact an Attorney and go from there. A small mistake can come back and haunt you!
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Taxes for visa status changing from F1 (OPT) to H1B [ 3 Answers ]

Hi, I was on my OPT from Jan. 1, 2006 to Dec. 10, 2006. I suppose I will have to file forms 1040NR-EZ because I wasn’t under H1B for more than 183 days. My questions are; 1. On form 1040NR-EZ, what should I write for occupation and purpose of visit which was “student” and “education” in 2005?...

Going from for-profit or LLC to non-profit [ 2 Answers ]

How would a company go from being an LLC to a non-profit? I realized my company does a lot of events around philanthropy and our organization mission is very aligned w/ that of many 501(c)3's. Where/who would I find out this kind of information from? A lawyer? A website? If someone could point me...

Absorption costing profit from Marginal costing profit [ 0 Answers ]

I know my opening stock and closing stock figures and I have worked out my annual profit using marginal costing. I also know my fixed overhead absorption rate. Using these figures, what formula do I use to calculate my profit using absorption costing?

View more questions Search