I’m pleased to report that we are very close to applying for our official non-profit status with the IRS. By becoming a 501(c)(3) certified non-profit, we will be able to accept donations that will be tax deductible for our donors and we will be tax-exempt. Additionally, many local employers will offer matching funds to their employees that donate to an “official” charity, but the minimum requirement is often 501(c)(3) status.
For more information on 501(c)(3), the Wikipedia page has a lot of good information.
While we are looking forward to making this leap, we need to raise some funds in order to apply with IRS. We’ve decided to crowdfund the required costs using Indiegogo’s non-profit channel Generosity.com.
You can visit our fundraiser here: https://www.generosity.com/community-fundraising/501c3-financing-fundraiser/x/15129489
What will the fundraiser money be used for?
The money will be used to pay the 501(c)(3) application fee and any legal assistance. We estimate this will take between $400 and $500.
Are the board members receiving any compensation from this fundraiser?
No. All of our board members are unpaid volunteers and we intend to keep it that way. We are a tiny non-profit with a very focused mission (helping those experiencing homelessness). We don’t anticipate this will change for the foreseeable future (if ever).
I thought you were are 501(c)(3) certified already. Why do you need funds now?
While we have an EIN with the IRS for non-profit status, we are not 501(c)(3) certified. The application process is quite labor intensive, and we have been leveraging legal services that are tailored to small organizations wanting to attain 501(c)(3) status (pro-bono). We are wrapping up the bylaws and we’re hoping to file the application by the end of October.
What if you raise more money than your stated goal?
We will attempt to cap the fundraiser at $500, however any surplus will go directly to purchasing living supplies that will be distributed at a future giveaway.