Understanding Nonprofit Status and Tax Exemption.

Slides:



Advertisements
Similar presentations
501(c)(3) Terry Dean, CPA Assistant Superintended of Finance 02/01/2012.
Advertisements

Fundraising Across the 49 th Parallel Robert B. Hayhoe Canadian Association of Gift Planners 2004 Annual Conference.
Junior Intern Program September 14,  What is a nonprofit?  What do they do?  Who owns nonprofits?  How big is the sector?  What are the advantages.
S OUTHWEST B ORDER N ONPROFIT R ESOURCE C ENTER THE UNIVERSITY OF TEXAS-PAN AMERICAN Starting a Nonprofit.
Chapter 2: Corporate Formations and Capital Structure
Legal Responsibilities for Board Members of Nonprofit Organizations Or…all you need to know to stay out of trouble. Presented: July 2007 Prepared by: Elsbeth.
Chapter Fifteen Corporate Variations. Close Corporation statutory close corporation Corporation whose shares are held by a small group that is active.
Understanding Accounting: Basic Finance For Non-Financial Managers - For the nonprofit entity - Karen Hughes, CPA PO Box 26083, Honolulu, HI Telephone:
Ch 7: Type of Business Ownership
What you should know about legally operating a school booster club Parent Booster USA, Inc.
Training Module 7: Nonprofit Association Tax Compliance Presented by the Southern Early Childhood Association.
1 © 2010 Venable LLP. All Rights Reserved. FIN 48: What Every Nonprofit Needs to Know Jeffrey S. Tenenbaum, Esq. Matthew T. Journy, Esq. Association of.
Welcome AHA-Personal Membership Groups Chapter Relations Webinar January 11, 2012.
FUN WITH TAXES & TAX EXEMPT STATUS FOR YOUR CLUB GFWC Ohio Federation of Women’s Clubs Annual State Convention April 25, 2015.
501(c)(3) Nonprofit Status What is it, Do We Need It, and How Do We Get It? Carol Perrotto and Bill Enslen, Team 365.
The Changing World of Church Planting New Church Starts and the Government.
Forming a Foundation By Neil E. Harl Iowa State University.
EL-AMIN LIFE PRODUCTIONS, “Cultural Institute” The New Earth Team Executive Director:Muntheru S.M. Shah With the name Allah, The Beneficent, The Most.
Doing Business 2.0— Starting and Operating a Nonprofit in DC George E. Constantine, III, Esq., Partner Venable, LLP, Washington, DC (202)
Training Module 3: Articles of Incorporation and Association Bylaws Presented by the Southern Early Childhood Association.
Copyright © 2014 by The University of Kansas Understanding Nonprofit Status and Tax Exemption.
Wednesday, November 16, 7:30 – 9:00 p.m. Chuck Hibberd, Renee McKee, Steve McKinley, Deb Trice.
AANP Third Annual State Leadership Conference Non-Profit Corporations and Tax-Exempt Organizations Ed Rodriguez Fort Lauderdale, Fla. January 8, 2006.
© 2011 Leaffer Law Forming a Nonprofit: The Process Essentials Becky Seidel, Colorado Bar Association, Young Lawyers Division April.
Governing a Tax-Exempt Nonprofit Corporation The Basics MPCC December 16, 2010.
AAFCS Leadership Conference October 12, 2014 Leadership Orientation – Legal Issues.
 Business is owned and run by one individual  Nearly 76% of all businesses  Owner receives all of its profits and bear all of its losses.
What Every Corporate Attorney Should Know About Nonprofit and Tax-Exempt Organizations Utah State Bar Business Law Section December 8, 2010 Christopher.
Types of Business Ownership 1 Discuss the sole proprietorship legal form. Explain the partnership legal form. Explain how the corporate form gives owners.
Chapter Tax Filings Requirements Prepared by: Vincent Howell, CMfgE Chapter Enhancement Committee.
Forming a Tax Exempt Friends’ Group Prepared by: Rob Geiszler, Vermont Department of Libraries.
Nonprofit Organizations Spring 2004 Class Six: Overview of Federal Tax Considerations/Income Tax Rules Relating to Tax-Exempt Organizations Michelle Coleman-Johnson.
School and Community Foundation Collaboration A Presentation for the 2006 Iowa Community Philanthropy Academy By Willard L. Boyd III N YEMASTER, G OODE,
© Adler & Colvin Fiscal Sponsorship Doing it Right! October 8, 2013 Stephanie L. Petit Adler & Colvin
©2008 Rothgerber Johnson & Lyons LLP Rothgerber Johnson & Lyons LLP THE COLORADO CHARITABLE ENTITY: Where Have We Been? Where Are We Going? Presenter –
Fort Monroe Considerations regarding a Charitable Foundation.
Chapter 8: Business Organizations Section 4
Chapter 12 Legal Forms of Organization. Copyright © Houghton Mifflin Company12-2 Overview How to make the decision Legal forms of organization –Sole proprietorship.
WHO FUNDS ALEC?. More than 98% of ALEC’s revenues come from sources other than legislative dues, such as corporations, corporate trade groups, and corporate.
AER Council of Chapter Presidents Town Hall Meeting 2013 Tuesday, April 4, 2013.
Nonprofits and Fiscal Sponsorships HSC Texas Leadership Pipeline Conference June 24, 2013 Jesús Pantel Consulting and Grant Writing HSC Texas Leadership.
Types of Business Ownership 1 Entrepreneurs need to understand the advantages and disadvantages of various forms of business ownership so they can choose.
SOLE PROPRIETORSHIP PARTNERSHIP CORPORATION Types of Business Ownership.
When the church and government collide. When the church and government collide. Judy Logan Attorney Strategic Giving California Southern Baptist Convention.
©2001 Kauffman Center for Entrepreneurial LeadershipPLANNING AND GROWING A BUSINESS VENTURE™ ™ Legal Forms of Organization Sole proprietorship General.
AB209 Small Business Management Unit 7 – Managing and Organizing the Business.
Module 1 Accountability in the Nonprofit Sector Convery
The IRS Form 990. What is the Form 990 Form 990 is an annual reporting return that certain tax- exempt organizations must file with the IRS. It provides.
Chapter Seventeen The Near Banks Copyright © 2004 Pearson Education Canada Inc. Slide 17–3 Near Banks Trust Companies Mortgage Loan Companies Credit.
Non-Governmental Organizations (NGOs)
Types of Business Ownership Sole Proprietorships Partnerships Corporations.
Non-for-profit business Lois and Mike. How to form it? Main objective is a social enterprise, provides a social benefit. Main objective is a social enterprise,
NORTH AMERICAN ROTARY EMERGENCY DISASTER INITIATIVE DECEMBER 14 – 15, 2007 FRANK BRADSHAW, PDG, D6200.
2-1 ©2008 Prentice Hall, Inc ©2008 Prentice Hall, Inc. CORPORATE FORMATIONS & CAPITAL STRUCTURE (1 of 2)  Organization forms available  Check-the-box.
Entity Choice: S Corporations  Legally a corporation under state law.  An S Corporation is a flow-through entity for tax purposes.  Income and loss.
FOR 501 COMMONS CONSULTANTS Nonprofit 101. Nonprofits exist to pursue a mission provides nutritious food to hungry people statewide in a manner that respects.
1 BUILDING PROFESSIONAL BRIDGES SPANNING THE FUTURE Legal and Tax Issues for NIGP Chapters November 17, 2009 Charles M. Watkins, Esq.
/ 2 F UNDRAISING IN THE U NITED S TATES : A FOCUS ON ‘A MERICAN FRIENDS FUNDS ’ AT KBFUS Jean Paul Warmoes Executive Director, King Baudouin Foundation.
How to set up a non-profit organisation. Is there a need for your organisation? Are there gaps in services? Have you talked to people about what is needed.
CALIFORNIA COMMUNITY FOUNDATIONS PARTNERS IN FUNDING GUEST SPEAKERS: Alexander Posada, Director - Recreation & Parks ~ City of Santa Maria Ron Gallo, President.
Pbwt.com Overview of Tax-Exempt Organizations and Charitable Giving in the U.S. Robin Krause Patterson Belknap Webb & Tyler LLP May 11, v1.
Legal and Tax Aspects Tim DavidsonErika Trujillo Marilyn JacobsCheryl Martin.
© MAP for Nonprofits Nonprofit vs. Tax Exempt Nonprofit status is determined by STATE law, which governs organizing documents. Tax exempt status.
Types of Business Ownership Back to Table of Contents.
To Be or Not To Be a 501c3 Organization
East End Chamber of Commerce
Arizona Nonprofit Organizations 2009
Obtaining Non-Profit Status
501(c)(3) Status: Pros and Cons, Steps to Follow
Chapter 14 Vocabulary.
Presentation transcript:

Understanding Nonprofit Status and Tax Exemption

Use legal counsel when applying for nonprofit status and tax-exemption

Key difference: Nonprofit status is granted by the state, while the IRS grants federal tax-exemption.

Three types of federally recognized nonprofit organizations: Corporations Unincorporated organizations Trusts

Corporations: Most common choice for community organizations Are well understood Promote continuity Limit personal liability

Federal tax-exemption: 501(c)(3): the "charitable tax exemption" Allows exemption from federal corporate and income taxes Allows solicitation of tax-deductible contributions 26 different exemptions exist for different purposes

Ways to become tax-exempt: Application Automatic recognition Using a fiscal conduit

Weighing the advantages and disadvantages of nonprofit and tax- exempt status

Understanding when you should (and shouldn't) consider applying for such status

Applying for nonprofit status: Hire legal counsel Decide whether to apply Decide the form you will take Decide the state Apply for nonprofit status Be aware of requirements for reporting and renewal

Applying for tax-exemption: Hire legal counsel Determine eligibility Decide to apply Obtain nonprofit status Decide the exemption your organization is eligible for Apply for exemption Understand requirements for reporting and renewal

Finding cheap help: Ask, ask, ask! Legal Aid American Bar Association lists Publications related to your cause

Feedback: Privacy Policy Feedback
Do Not Sell My Personal Information
About project: SlidePlayer Terms of Service

© 2024 SlidePlayer.com Inc. All rights reserved.