Does anyone know exactly how to open a charitable foundation? - Chicagoland Sportbikes
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post #1 of 4 (permalink) Old 05-13-2010, 06:50 AM Thread Starter
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Does anyone know exactly how to open a charitable foundation?

Just like the title says, I have an idea to help people in need, but need help getting it started.




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Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.

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post #2 of 4 (permalink) Old 05-13-2010, 07:22 AM
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Go file a 501 (c)(3) application.

Get a lawyer, and your check book ready.

http://www.irs.gov/charities/article...=96109,00.html

Not cheap, and is a PITA usually. I have done it a couple of times.

Perhaps we have a lawyer here that can help you pro bono.

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post #3 of 4 (permalink) Old 05-13-2010, 09:35 AM
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If I was to do this, I'd call my lawyer, and my tax accountant as the first steps.

State Incorporation
Federal Tax Exemption (501c3)
State Tax Exemption
State Charity Reporting Requirements (annual)
Tax Returns - State and Federal (annual)

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post #4 of 4 (permalink) Old 05-13-2010, 10:23 PM

 
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We offer three kinds of service @ Resurrection
GOOD - CHEAP - FAST
You can pick any two
GOOD service CHEAP won't be FAST
GOOD service FAST won't be CHEAP
FAST service CHEAP won't be GOOD
and cold beer.

I'd love to help but I don't chase parts.
Please contact other forum members and supporters for parts.
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