Difference between revisions of "501c3"

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==Officer/Directors Links==
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As of 4/1/2013, LVL1 Inc. is a 501(c)3 Charitable Non-Profit, with an effective exemption date of Dec. 7th, 2009!
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[[Officers_and_Directors]] | [[O&D Overview]]  |  [[O&D Meetings]] |  [[O&D Current Actions]]
 
  
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==501(c)3==
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== What this means ==
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This page should contain any information related to the status, contacts, resources, etc, of our 501(c)3 status. 
 
  
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*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.
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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.
  
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==Contacts==
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== Guidelines for 501(c)(3) Usage ==
  
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==Resources==
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* Your Dues ARE NOT tax deductible
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** Your dues ARE NOT eligible for matching funds
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* Any cash or physical donations are tax deductible
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** YOU are responsible for properly valuating your donations
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* ALL donations must be properly and indelibly marked as 501(c)(3) donations, for tracking purposes
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* ALL donations, cash or otherwise, are property of LVL1, and cannot be removed.
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* LVL1 does NOT offer fiscal sponsorship
  
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==Documentation==
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== How do I 501(c)(3) ==
  
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==Actions Log==
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Our tax receipt form is here: https://docs.google.com/document/d/1WzlgD6YziPknh5MkzQ-Gf8bsHe_mDA9bGa1Pf1S9SXM/edit?usp=sharing
  
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For donations worth LESS than $250:
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* A receipt need not be issued
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* A note mentioning the address, date, and description of property donated is sufficient if the donor requests it
  
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For donations worth MORE than $250:
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* A receipt MUST BE ISSUED
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* LVL1 needs to retain a copy of the receipt for record keeping
  
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*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
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If you have any questions, please contact directors@lvl1.org
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*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
 
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*1/18_JonC: Created Page
 

Revision as of 21:41, 17 April 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

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

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