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Sorry, should definitely clarify better - it comes down to whether you're filing a 1023 or a 1023EZ. Many events need to file 1023 due to expected annual budget
by zachlatta 8y ago
Sorry, should definitely clarify better - it comes down to whether you're filing a 1023 or a 1023EZ. Many events need to file 1023 due to expected annual budget being over $50K.
I'm happy you were able to get your status so quickly. It took us about a year. The filing fee for the 1023 alone is $600.
The IRS has an overview of the expected timelines at https://www.irs.gov/charities-non-profits/charitable-organizations/wheres-my-application https://www.irs.gov/charities-non-profits/charitable-organiz..., though they often get backlogged by months. The filing instructions for the 1023 are also a fun read: https://www.irs.gov/pub/irs-pdf/i1023.pdf https://www.irs.gov/pub/irs-pdf/i1023.pdf
- ganoushoreilly 8y agoIf you are running events in the 50k range you have capital to manage the process. I still fail to see the argument you are making, few groups as you mention here are running 50k events.
- villnn 8y agoThe funds are best disbursed through a non-profit because most high school students do not know about legal and accounting procedures. Say an after-school club raises 20k intended for the annual budget. Sponsors which might be individuals but more than likely are companies will not write a check to any student but rather write a check to the school. Schools alone have many bureaucratic hurdles that make managing club funds inefficient. Therefore, although Clubs might have in paper 20k or say even 50k that money is being held by the school or another organization whose priority is not acting as the middleman, therefore, causing delays and all sorts of problems. Tackling a very cumbersome challenge, congrats Hack Club!