Well in the case of Layers of Hope, everything!
I am working diligently on doing my best to set Layers of Hope up as a 501.3c corporation or non-profit so I can not only receive quilts to help others, but in return send those helpers a receipt for their taxes.
Last week, I took a tax seminar on line only to discover in the end, it was NOT for non-profits and the company offers a non-profit specific seminar.
They also offer a one hour after class FREE question and answer session and I am planning on taking full advantage of this session since we are getting ready to build my quilt room I have lots of questions regarding this space.
I have questions regarding what happens if you send a quilt to someone I say is in need and it doesn't come directly to me and then thru me?
I guess I should worry when the state brochure on non-profits states within the first few pages of its informational brochure that:
' the goal for this section is to persuade you to think twice—maybe even three times—before you start down that path. There are lots of strong reasons for creating a nonprofit as a home for many sorts of work. There are also other, often simpler
and less demanding, ways to get up and running. It makes sense to consider those possibilities first.' (Copied from http://www.sos.wa.gov/_assets/charities/Washington%20Nonprofit%20Handbook.pdf. Page # 1. May 12, 2013 @ 0918.)
Since the brochure is over 200 pages long, but it never hurts to look at what one can do. I am sure somewhere down the line I will need to obtain and attorney to help me sort all of this out, but right now the tax webinar will help me immensely make this decision!
I am involved with two organizations who have undertaken this endeavor. One has completed the journey to non-profit status and one is still working on it. One involved a paralegal who was an attorney in her native country (Philippines), plus a CPA, both who were on our Board of Directors - so we got lucky there - that is the group that is done with getting the 501(c)3 status complete.
ReplyDeleteThe other group is still working on it, and finally has a CPA that is willing to help us pro bono, since we are "just" ladies who like to sew and don't know diddly-squat about the tax codes. So far, it seems complicated and kind of expensive, but I haven't been that involved in it, since I still work and haven't had time to help out.