501c3: Difference between revisions

From LVL1
Jump to navigation Jump to search
← Older edit
Jdc928 (talk | contribs)
240 edits
Bluyster (talk | contribs)
Bureaucrats, lvl1_member, Administrators
524 edits
No edit summary
 
(4 intermediate revisions by 2 users not shown)
Line 1: Line 1:
==Officer/Directors Links==
As of 4/1/2013, LVL1 Inc. is a 501(c)3 Charitable Non-Profit, with an effective exemption date of Dec. 7th, 2009!
[[Officers_and_Directors]] | [[O&D Overview]]  |  [[O&D Meetings]] |  [[O&D Current Actions]]


==501(c)3==
== What this means ==
This page should contain any information related to the status, contacts, resources, etc, of our 501(c)3 status. 


*Note From JonC: I haven't added anything here, but just wanted to create a page that the directors could use to keep a record of actions, items to be done, current status, etc.  Feel free to add anything you feel is important to this page.
This means that LVL1 can accept donations, and issue a receipt for donations over $250.  If your employer has a matching program, LVL1 may be eligible to receive matching donations from your employer.


==Contacts==
== Guidelines for 501(c)(3) Usage ==


==Resources==
* Your Dues ARE NOT tax deductible
** Your dues ARE NOT eligible for matching funds
* Any cash or physical donations are tax deductible
** YOU are responsible for properly valuating your donations
* ALL donations must be properly and indelibly marked as 501(c)(3) donations, for tracking purposes
* ALL donations, cash or otherwise, are property of LVL1, and cannot be removed.
* LVL1 does NOT offer fiscal sponsorship


==Documentation==
== How do I 501(c)(3) ==


==Actions Log==
Our tax receipt form is here: https://docs.google.com/document/d/1WzlgD6YziPknh5MkzQ-Gf8bsHe_mDA9bGa1Pf1S9SXM/edit?usp=sharing
*Date_Name: Action


Update (1/20/12): I spoke with a tax advocate representative with the IRS. I explained the situation that we have not heard from our agent in months, despite repeated voicemails. She put a request in 'the system' to have our agent return my call to my personal cell phone. They are required to respond within 10 business days. -C
For donations worth LESS than $250:
* A receipt need not be issued
* A note mentioning the address, date, and description of property donated is sufficient if the donor requests it


Update (1/18/12): I spoke with a non-profit CPA to get some advice. Although our current IRS agent is non-responsive, we are advised not to provoke a responsible but continue to be polite. There are no IRS deadlines for processing these applications. I will continue to leave nice messages and hope to reach our agent. In the interim, it was suggested that I contact our local IRS office to get information of what our current 'status' is. I will follow-up on this and proceed accordingly. Josh has provided some contacts for legal representation, if it becomes necessary. -C
For donations worth MORE than $250:
* A receipt MUST BE ISSUED
* LVL1 needs to retain a copy of the receipt for record keeping


For non-cash donations worth BETWEEN $500 and $5000:
* Must include a note of how the donation was acquired (purchased, inherited, etc.)
* Must include a note of the approximate date of acquisition by the donor


1/18_JonC: Created Page
If you have any questions, please contact directors@lvl1.org

Latest revision as of 19:55, 8 May 2013

As of 4/1/2013, LVL1 Inc. is a 501(c)3 Charitable Non-Profit, with an effective exemption date of Dec. 7th, 2009!

What this means

This means that LVL1 can accept donations, and issue a receipt for donations over $250. If your employer has a matching program, LVL1 may be eligible to receive matching donations from your employer.

Guidelines for 501(c)(3) Usage

  • Your Dues ARE NOT tax deductible
    • Your dues ARE NOT eligible for matching funds
  • Any cash or physical donations are tax deductible
    • YOU are responsible for properly valuating your donations
  • ALL donations must be properly and indelibly marked as 501(c)(3) donations, for tracking purposes
  • ALL donations, cash or otherwise, are property of LVL1, and cannot be removed.
  • LVL1 does NOT offer fiscal sponsorship

How do I 501(c)(3)

Our tax receipt form is here: https://docs.google.com/document/d/1WzlgD6YziPknh5MkzQ-Gf8bsHe_mDA9bGa1Pf1S9SXM/edit?usp=sharing

For donations worth LESS than $250:

  • A receipt need not be issued
  • A note mentioning the address, date, and description of property donated is sufficient if the donor requests it

For donations worth MORE than $250:

  • A receipt MUST BE ISSUED
  • LVL1 needs to retain a copy of the receipt for record keeping

For non-cash donations worth BETWEEN $500 and $5000:

  • Must include a note of how the donation was acquired (purchased, inherited, etc.)
  • Must include a note of the approximate date of acquisition by the donor

If you have any questions, please contact directors@lvl1.org

Retrieved from "http://wiki.lvl1.org/index.php?title=501c3&oldid=5693"