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The Benefits and Challenges of Creating Your Own 501(c)(3) Organization Jim Nicholson

The Benefits and Challenges of Creating Your Own 501(c)(3) Organization Jim Nicholson Senior Director – Investments Oppenheimer & Co. Inc. Joanne Patrick Academy Coordinator Seattle Public Schools Sunday, July 11, 2010. Who are we ? Who are you?. 501(c)3. Why a 501(c)3?.

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The Benefits and Challenges of Creating Your Own 501(c)(3) Organization Jim Nicholson

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  1. The Benefits and Challenges of Creating Your Own 501(c)(3) Organization Jim Nicholson Senior Director – Investments Oppenheimer & Co. Inc. Joanne Patrick Academy Coordinator Seattle Public Schools Sunday, July 11, 2010

  2. Who are we ? • Who are you?

  3. 501(c)3

  4. Why a 501(c)3? • Fundraising simplicity • Eligible to apply for private foundation grants • Control of Funds • Asset segregation from School District Funds

  5. Recognition and legitimacy of Organization • Exemption from Federal Income Tax • Tax Deductible Charitable Contributions • Eligible to use 3rd class postage rate for Bulk mailings

  6. Challenges • Have law firm complete application process • Anticipate 6-12 months to complete • Use IRS Publication 4220 for Guidelines • Academy entity

  7. Create or update Academy By-Laws to include Articles of Dissolution • Apply for Articles of Incorporation with state • Apply for Business License

  8. 501(c)3 check list • Complete application process • Submit Fee • Receive Tax ID number from IRS

  9. Brainstorm • Who do you know who can help you with this process? • Resources: http://naf.org/staff-board-bios http://naf.org/become-naf-partner

  10. Yearly requirements • Hold Annual Meeting • Keep detailed records • File Annual Report – Form 990 • Disclosure Requirements

  11. Suggestions • Use CPA specializing in Non-Profit tax laws • Set up tax year to match school year • September 1 – August 30 • Develop Procurement Form • Use it!

  12. Benefits • Accountability • Combined Academies • Grant Applications • Pressure off Director

  13. Follow up • What are your next steps? • Who do we do this for? Focus statement:  Our students are worthy of our Investment!

  14. Thank you! Contact information Jim Nicholson James.nicholson@opco.com 425-709-0462 Joanne Patrick cjpatrick@seattleschools.org 206-252-0745

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