How would you go about setting up a non-for-profit foundation?
We are planning to start doing some fundraisers to help pay for the attorney fees for my adoption of my stepson. We want to do things the right way and if possible to make donations/ contributions from the fundraisers tax deductible for the contributors. Would becoming a non-profit be the best way to go?
2007-11-05 06:09:52 · 3 answers · asked by toms_wife06 2 in Business & Finance ➔ Careers & Employment ➔ Government & Non-Profit
It takes awhile and some money (minimum $1000) to do a non-profit for tax-deductions for donators. I would consider going through a church or some other existing non-profit (as a "sponsor") in order to get started. You should register the non-profit in your state, and also open up a checking account in the name of the non-profit.
2007-11-05 10:26:42 · answer #1 · answered by Anna P 7 · 0⤊ 0⤋
Establishing a non-profit can be a lengthy and expensive process.
1) There are legal requirements such as filing articles of incorporation and filing for 501(c)(3) status.
2)There are also structural requirements such as forming a board of directors, bylaws,and record-keeping.
It can take from 6 months to over a year for final approval for tax-exempt status. Your contributors would not be able to receive their tax-deduction until your final approval.
Cost can run you on the low end $1,000, but averaging $2,000.
Your scope should also be broader, such as helping local families adopt.
Depending on your adoption timetable, your best option is probably looking for a fiscal sponsor for your adoption. There may be organizations that already exist that can award a grant to your personal cause.
Philanthropic Development Officer,PDO
2007-11-07 11:13:16 · answer #2 · answered by Boonee Goodwill 2 · 0⤊ 0⤋
you are thinking right.
2007-11-05 06:22:58 · answer #3 · answered by the catalyst 3 · 0⤊ 0⤋