{"id":171,"date":"2014-03-26T17:46:05","date_gmt":"2014-03-26T22:46:05","guid":{"rendered":"http:\/\/www.wmfhlp.org\/?p=171"},"modified":"2014-03-26T17:46:05","modified_gmt":"2014-03-26T22:46:05","slug":"501c3","status":"publish","type":"post","link":"http:\/\/www.wmfhlp.org\/?p=171","title":{"rendered":"501(c)3"},"content":{"rendered":"

Disclaimer: I am definitely not a tax lawyer or tax accountant or a tax anything else, so do not<\/strong> take what I have to say as anything authoritative!<\/p>\n

We have been looking at the 501(c)3 “application for recognition of exemption” form from the IRS\u00a0 (form 1023).\u00a0 Wow!\u00a0 It’s a monster.\u00a0 I’m going to take a nice quiet hour this evening and go through it and fill out the easy stuff.\u00a0 And then we will know what the hard stuff is!<\/p>\n

When we created our non-profit corporation using the tools at the State of Mississippi Secretary of State’s website, they were very helpful in pointing out three paragraphs of text that needed to be in our founding documents if we wanted to later apply for 501(c)3 exemption.\u00a0 We did\u00a0 include those.<\/p>\n

According to what I’m reading, any organization can call themselves a 501(c)3 and act as if they are one, up to the point where they go over a threshold amount on their annual gross receipts.\u00a0 And churches don’t have to apply either.<\/p>\n

But, we are sincerely hoping to exceed that threshold in getting our equipment funding, we will pretty much have to in order to buy the stuff we need.<\/p>\n

What is the benefit of being 501(c)3?\u00a0 It means that contributions to our organization are tax deductible, just like to a church or the United Way.\u00a0 We will be a ‘charity’.\u00a0 One source of money for charity organizations is grants from government or from foundations.\u00a0 We have looked into that a little bit.\u00a0 Everything I have seen requires a 501(c)3 determination be in hand before they will consider your application.\u00a0 And plain old folks, whether rich philanthropists or poor philanthropists, will appreciate their contributions being tax deductible.<\/p>\n

Now, I’m of two minds about the charity thing.\u00a0 Once we get up and running I sincerely hope we can sustain ourselves on underwriting income.\u00a0 I hope that we have enough community presence and listeners to convince local businesses that their name will be heard and well received.\u00a0 But to get on the air we need a big up-front bump to buy the equipment.\u00a0 I want to do radio, I don’t want to be perpetually begging for money.\u00a0 Sure, I’ll do it for awhile, but that’s not really the part that I’m good at or that interests me.\u00a0 (There do exist people who are professional fund raisers. I’m not one of those.)<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Disclaimer: I am definitely not a tax lawyer or tax accountant or a tax anything else, so do not take what I have to say as anything authoritative! We have been looking at the 501(c)3 “application for recognition of exemption” form from the IRS\u00a0 (form 1023).\u00a0 Wow!\u00a0 It’s a monster.\u00a0 I’m going to take a … Continue reading 501(c)3<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-171","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/www.wmfhlp.org\/index.php?rest_route=\/wp\/v2\/posts\/171","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.wmfhlp.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.wmfhlp.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.wmfhlp.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.wmfhlp.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=171"}],"version-history":[{"count":2,"href":"http:\/\/www.wmfhlp.org\/index.php?rest_route=\/wp\/v2\/posts\/171\/revisions"}],"predecessor-version":[{"id":173,"href":"http:\/\/www.wmfhlp.org\/index.php?rest_route=\/wp\/v2\/posts\/171\/revisions\/173"}],"wp:attachment":[{"href":"http:\/\/www.wmfhlp.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.wmfhlp.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=171"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.wmfhlp.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}