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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 Exciting? Beneficial? Worth the time and energy? Why a 501(c)3? 1. Fundraising simplicity 2. Eligible to apply for private foundation grants 3. Control of Funds 4. Asset segregation from School District Funds 5. Recognition and legitimacy of Organization 6. Exemption from Federal Income Tax 7. Tax Deductible Charitable Contributions 8. Eligible to use 3rd class postage rate for Bulk mailings Challenges 1. Have law firm complete application process 2. Anticipate 6-12 months to complete 3. Use IRS Publication 4220 for Guidelines 4. Academy entity 5. Create or update Academy By-Laws to include Articles of Dissolution 6. Apply for Articles of Incorporation with state 7. Apply for Business License 501(c)3 check list Complete application process Submit Fee Receive Tax ID number from IRS 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 Yearly requirements • Hold Annual Meeting • Keep detailed records • File Annual Report – Form 990 • Disclosure Requirements 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! Seattle Academies Foundation Donation Procurement Form THANK YOU for donating to our Fundraiser. Proceeds benefit a variety of enrichment programs for our Academy of Finance, Hospitality & Tourism, and Information Technology students. Please provide us with the information requested below. DONOR INFORMATION Mr./Ms. First Name: ___________________ Last Name: _____________________________ Donor Name: ________________________ Business Phone:__________________________ Street: ______________________________ Email: _________________________________ City: _______________________________ State: ______ Zip: _______________________ GIFT INFORMATION Gift Item Name: ___________________________________________________________ Fair Market Value:$____________ I would like to contribute cash. Amt.$____________ Item Description/Other: ________________________________________________________ * Recommended expiration of September 1, 2011 will be applied unless otherwise instructed. Please include brochures/menus/ business cards for display if appropriate Date item will be delivered:_____________ Item pick up date:_____________ Other (please specify): _________________________________________________________ Seattle Academies Foundation Tax ID # 20-1954948 501( c ) (3) Non-Profit Organization PLEASE SEND DONATION ITEMS TO: Mrs. Joanne Patrick, Academy Coordinator Seattle Academies Foundation 7510-29th Northwest Seattle, WA 98117-4615 (206) 252-0745 w (206)252-0731 f email: [email protected] Benefits • Accountability • Combined Academies • Grant Applications • Pressure off Director Follow up • What are your next steps? • Who do we do this for? Focus statement: Our students are worthy of our Investment! Thank you! Contact information Jim Nicholson [email protected] 425-709-0462 Joanne Patrick [email protected] 206-252-0745