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Re: [teacherartexchange] 501-3C Tax Question (Art Related)

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From: M. Austin (whest177_at_TeacherArtExchange)
Date: Wed Sep 06 2006 - 15:28:01 PDT


Being a 501C3 does not mean you have to be penniless! Boeing Aircraft has 3
501C3 foundations attached to it. They have to give away X amount of money
each year or get hammered by the IRS. Our local PTO is 501C3. They have
almost $20,000 in their account. The only "operating" expenses they occur is
postage. They have several fundraisers a year and the money earned goes
towards school improvement (playground equipment, signs for the buildings),
fulfilling teacher wishlists, classroom fieldtrips, etc. To earn money they
have the students sell cookie dough & flowerbulbs, and they sell t-shirts,
have basket raffles, and other smaller type fundraisers.

For what purpose did you watercolor society become non-profit? Last time I
checked it cost almost $2000 to acquire 501C3 status. With this status you
can apply for grants that are only for 501C3 companies. Encourage your
society to seek legal counsel so you can really take advantage of having
this status.
~Michal
K-12 Kansas Art Teacher
http://www.geocities.com/theartkids

> Is anyone out there involved with a 501-3C ? What do those groups
> do. Aren't non-profits allowed to do things to raise money to use
> for operating expense ? I'm just looking for help here. I will put
> the question to other watercolor groups around the country to
> see haw they handle the issue. And, yes I'll solicit legal advice ?
> Next year, I'll be the president of this group and I don't wish
> to be flying blind.

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