non profit status for clubs
09-24-2004, 11:23 AM
#1
non profit status for clubs
First off Thanks in advance for any advice
Our club is getting ready to incorporate and try to become non profit. The question is how have other clubs attained true non profit status and what do they fall under as far as the IRS is concerned I realize that there are very specific criteria for non profit
once again thanks for any advice
Our club is getting ready to incorporate and try to become non profit. The question is how have other clubs attained true non profit status and what do they fall under as far as the IRS is concerned I realize that there are very specific criteria for non profit
once again thanks for any advice
09-24-2004, 01:30 PM
#2
Tech Initiate
The status of "Non-Profit" is an IRS classification. There are different types of Non-Profit. The club I race at is a non-profit classified as a 501 c(7). The "501" means we are a non-profit and the "c(7)" is a sub classification for "Social Clubs".
The admins that actually got this done worked through a Lawyer. There is a host of things that need to be in place. Things like By-Laws, register w/state attny office, etc. A good Lawyer can help you out.
It takes time and can be done. The cost was not too bad but it does take money.
The admins that actually got this done worked through a Lawyer. There is a host of things that need to be in place. Things like By-Laws, register w/state attny office, etc. A good Lawyer can help you out.
It takes time and can be done. The cost was not too bad but it does take money.
09-25-2004, 02:43 PM
#3
Tech Addict
Join Date: Jul 2003
Location: Coming to you LIVE from somewhere in my head
Posts: 508
I agree. An attorney is the best way to set about it. Incorporating the club to be non profit is essentially the same as starting any other business. You need a business plan, FEIN number, state tax ID number, and you will eventually fill out a plethora of forms to get the tax situation set up. You also need someone experienced in business administration. You could do it all without an atty. You can contact your state dept of commerce and business developement and they can help you too. Most states will really do their best to try to help small businesses get started. But it's MUCH easier to have a lawyer assist.
I am in the process of starting a non profit in my city. We recently lost our only indoor track, and the only outdoor track that we have is having zoning issues so he is restricted to how he can operate the track. For instance, the county will not allow any lights to be put up around the track, so you have to race in the heat of the day, and no one's going to be out there when it's 110, no pwr etc. so I am doing this to get a track going in the city limits. Unfotunately, our club is so small that there is no way any of us have the capital to get an indoor track going so free land from the city is about the best that we can hope for.
Good luck with this. We need more practive people to help the hobby out.
I am in the process of starting a non profit in my city. We recently lost our only indoor track, and the only outdoor track that we have is having zoning issues so he is restricted to how he can operate the track. For instance, the county will not allow any lights to be put up around the track, so you have to race in the heat of the day, and no one's going to be out there when it's 110, no pwr etc. so I am doing this to get a track going in the city limits. Unfotunately, our club is so small that there is no way any of us have the capital to get an indoor track going so free land from the city is about the best that we can hope for.
Good luck with this. We need more practive people to help the hobby out.
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