- I agree considering the litigious society in which we live. Unfortunately, there are people in the United States who choose not to work for a living but sue others for their livelihood. -----Original Message----- From: geocaching-bounce@xxxxxxxxxxxxx [mailto:geocaching-bounce@xxxxxxxxxxxxx] On Behalf Of Jim Bensman Sent: Monday, April 12, 2004 2:27 PM To: geocaching@xxxxxxxxxxxxx Subject: [GeoStL] Re: $$$, 501(c) - I work for a not-for-profit (501(c)(3)). Let me clarify a few things. There are two types of 501(c) organizations and the differences are significant. There is 501(c)(3) and 501(c)(4). A (c)(3) is what SLAGA should consider. A c(3) cannot use more than 25% of the budget for lobbing and cannot electioneer. C(4)s do not have the restrictions on lobbying and electioneering. Donations to a (c)(3) are tax deductible while donations to a (c)(4) are not tax deductible. Many foundations, people, and companies who give donations require you to have (c)(3) status (or have a fiscal sponsor-another (c)(3) that sponsors you for the grant). For example, if you are a (c)(3), you can buy a 50 copy license for Microsoft Office 2003 Professional for $15. If you are a (c)(4), you cannot. Having a 501(c)(3) or (c)(4) does NOT exempt you from sales tax. Not for profits can apply to the state for tax-exempt status. But you have to have a letter from the state to be exempt. Another issues is SLAGA should incorporate in MO as a Not-for-Profit Corporation. I think you have to file out a form and pay a fee to the Secretary of the State. There are likely requirements like bylaws and officers. I think you have to be incorporated before you can get 501(c)status. Incorporation also protects officers and members from being sued individually. For example, if someone got hurt at a SLAGA event (waivers promising not to sue are not worth the paper they are written on), the officers of SLAGA could be sued. If SLAGA is incorporated and someone gets hurt, only SLAGA can get sued. You also have to be incorporated to sue someone. So I think SLAGA should incorporate ASAP and seriously consider 501(c)(3) status. Jim Bensman "Nature Bats Last" **************************************************************************** Our WebPage! Http://WWW.GeoStL.com Mail List Info. //www.freelists.org/cgi-bin/list?list_id=geocaching Mail List FAQ's: //www.freelists.org/help/questions.html **************************************************************************** To unsubscribe from this list: send an email to geocaching-request@xxxxxxxxxxxxx with 'unsubscribe' in the Subject field **************************************************************************** Our WebPage! Http://WWW.GeoStL.com Mail List Info. //www.freelists.org/cgi-bin/list?list_id=geocaching Mail List FAQ's: //www.freelists.org/help/questions.html **************************************************************************** To unsubscribe from this list: send an email to geocaching-request@xxxxxxxxxxxxx with 'unsubscribe' in the Subject field