baseball

  • Thread starter Harlan Lunsford
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H

Harlan Lunsford

and taxes.

New client the other day is forming his subchapter S and I'm
advising him on that. Routine work.

However he is also president of local high school baseball
"booster" club, and started to mutter something about
thinking about forming a 503c to give better credibility to
the organization. I only said that when he's ready to do
that, I'l help if I can.

And of course I've never advised anyone on this, so if
anybody out there has some practical experience in this,
drop me a line please?

email at office is: lunstaxatbellsouthdotnet

Cheer$,
Harlan Lunsford, EA in LA
former Oriole fan
 
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B

BMS

Harlan Lunsford said:
and taxes.

New client the other day is forming his subchapter S and I'm
advising him on that. Routine work.

However he is also president of local high school baseball
"booster" club, and started to mutter something about
thinking about forming a 503c to give better credibility to
the organization. I only said that when he's ready to do
that, I'l help if I can.

And of course I've never advised anyone on this, so if
anybody out there has some practical experience in this,
drop me a line please?
Its not a hard process, I've done it a couple of times in MA.

The quick is that they apply and get established as
charitable organization from the state, get that letter,
file that along with the application for 501(c) status with
the IRS. Get a letter back, sounds like it shouldn't be
difficult for this group.

Some reasons for getting it, many larger grant makers and
donors will only donate to a 501(c)3, if they offer college
scholarships they can buy a 529 plan (not for tax reasons
but as a low cost way to administer it) and perhaps to get
exempt from sales tax.
 
C

CLJ1219

Harlan,

My employer has worked with a couple of band booster clubs
and a 503(c) organization. I'll ask him if he has any words
of advice. I know there is something in particular you have
to do, but right off hand I can't remember what it is. I
*think* you have to make application for that status, much
like you make application for S status.
former Oriole fan
Now a ???? fan. Braves I hope! <VBG>

Carol

If you awoke to find yourself a success, you weren't asleep.
Semper Gumby (Always Flexible)
 
H

Harlan Lunsford

Its not a hard process, I've done it a couple of times in MA.

The quick is that they apply and get established as
charitable organization from the state, get that letter,
file that along with the application for 501(c) status with
the IRS. Get a letter back, sounds like it shouldn't be
difficult for this group.

Some reasons for getting it, many larger grant makers and
donors will only donate to a 501(c)3, if they offer college
scholarships they can buy a 529 plan (not for tax reasons
but as a low cost way to administer it) and perhaps to get
exempt from sales tax.
That's about the procedure I imagined. By "established as
charitable organization from the state", I assume you mean
form a not for profit corporation?

Cheer$,
Harlan LUnsford
 
B

BMS

That's about the procedure I imagined. By "established as
charitable organization from the state", I assume you mean
form a not for profit corporation?
Exactly for this example.
 
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A

Arthur L. Rubin

Harlan said:
However he is also president of local high school baseball
"booster" club, and started to mutter something about
thinking about forming a 503c to give better credibility to
the organization. I only said that when he's ready to do
that, I'l help if I can.
As an aside, at a science fiction convention I was at last
week, a friend had a badge ribbon which said "too many
501(c)3s".

Apparently, she's treasurer for two non-profit organizations
which run conventions....
 
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