Following is a transcript of this episode of the Two Minute Treasurer’s Tip Podcast from MoneyMinder, with audio/video below.
Welcome to the Two Minute Treasurer’s Tip Podcast. I am your host Cyndi Meuchel with MoneyMinder, and today, we’re talking 501(c)3s.
Lori writes: I started a community organization that has grown, and I’d like to establish it as a 501(c)3 organization. What do I need to do?
Let me start by mentioning that we have a great e-guide on our website called Setting up an Organization.
Go to moneyminder.com and click on Resources to find that. It goes into quite a bit more detail than I can in 2 minutes here.
If you haven’t already done so, you’ll need to do a little research to find out all what your Secretary of State requires. You must first be registered there in order to apply for an exempt status with the IRS.
Once you’re set up with your state, you’re ready to apply for tax-exempt status with the IRS. You’ll use either the Form 1023 or Form 1023-EZ application. There is an Eligibility Worksheet you must complete to determine which version you must use.
Once you submit the appropriate form along with payment, you sit back and wait for a Letter of Determination from the IRS.
That’s it for today! Don’t be shy; subscribe to us to get new episodes automatically. My name is Cyndi Meuchel, and this is your Two Minute Treasurer’s Tip for today.
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