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Is your department still considering organizing your association as a 501 (c) (3)? As you've heard in training sessions, doing so is a natural extension of your existing commitment to thorough and comprehensive training and doing whatever it takes whenever it takes to honorably serve your communities. The status also opens doors for additional funding possibilities. In Iowa, filing involves being registered with the Iowa Secretary of State's office, obtaining an EIN number, as well as filling out IRS Form 1023 with detailed attachments and supplemental info.Changes are coming in 2010 to the way the filing process works for charitable organizations with the IRS. Currently, charities with an average annual revenue of under $10,000 submit a $400 fee to the United States Treasury with their application. Charities with higher average annual revenue submit an $800 fee.
Later this year, that fee will be decreasing to $200 for all charities filing with the IRS, regardless of average revenue as long as CyberAssist software is used in the filing. If the software is not used, the filing fee will be $850 for all charities. An exact date in 2010 has not yet been set for the release of the software. When that date is confirmed, it will be posted to the IRS website through the link above.
Already have your 501 (c) and have questions about the redesigned 990 form you need to file each year? Take in the free mini courses on the IRS website:
http://www.irs.gov/charities/article/0,,id=166625,00.html
FlashPoint offers not-to-exceed fees for assistance with 1023 paperwork. The fee includes project management of the process and availability to assist with questions that may come up from the IRS after filing. The fee depends upon how many steps leading up to and including the 1023 you need assistance with. For more information, contact dawnsh@gmail.com.
