[ SHOWGSD-L ] 501(c)(3)
- From: Samuel Israel <israelfriedberg@xxxxxxxxxxxxx>
- To: showgsd-l@xxxxxxxxxxxxx
- Date: Sun, 30 Jan 2011 18:34:22 -0800 (PST)
I am sorry that I missed the conversation yesterday with the tax attorney
concerning 501(c)(3) status. I read through Stormy's summary and there are a
few things that I question. for example, he suggested that we form a new
entity
that should take the form of a trust as opposed to a corporation. I can tell
you that you rarely see attorney's use trusts to be 501(c)(3) organizations
today since most practitioner's agree that fiduciary duties are greater for
trustees than for members of a board of directors. I also can't understand why
a trust would be easier to create than a corporation.
Second, we already have a 501(c)(3) organization. there may be simple ways to
modify this entity to allow it to conduct some additional activities.
Third, I probably would agree with him that it may be easier to qualify as a
501(C)(4) than a 501(c)(7); however, I am not sure if it is worth it since I
don't know what our income and expenses look like.
In any case, the Board or whatever committee was set up should feel free to
pick
my brain for nothing. This is an area of which I am familiar and certainly can
reduce costs to the club. I have been practicing tax law since 1982 and have a
lot of experience working with non-profits, including 501(c)(4) and (c)(7)
entities.
Sam
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