41–46 of 46 posts
This is a great idea. Having said that, school groups do spend money, bands, clubs and etc.... how are the others doing it successfully? "The only person who had access to the bank account was the principal, but nobody knew where he was. 24 hours later, Jake and I were on the phone with the vice principal who was also left in the dark. A week later, the principal showed up in Tokyo and the money was still completely…
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Sorry, should definitely clarify better - it comes down to whether you're filing a 1023 or a 1023EZ. Many events need to file 1023 due to expected annual budget being over $50K. I'm happy you were able to get your status so quickly. It took us about a year. The filing fee for the 1023 alone is $600. The IRS has an overview of the expected timelines at https://www.irs.gov/charities-non-profits/charitable-organiz... ,…
If you are running events in the 50k range you have capital to manage the process. I still fail to see the argument you are making, few groups as you mention here are running 50k events.
This is a great idea. Having said that, school groups do spend money, bands, clubs and etc.... how are the others doing it successfully? "The only person who had access to the bank account was the principal, but nobody knew where he was. 24 hours later, Jake and I were on the phone with the vice principal who was also left in the dark. A week later, the principal showed up in Tokyo and the money was still completely…
For Kapaa High School, the money is still sitting today in a restricted bank account only the principal has access to - the trip never happened and the donors are frustrated, to say the least.
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Plenty of high school kids have bank accounts here. That's not the issue. The problem is that a personal bank account doesn't qualify as a non-profit under U.S. tax laws. So donors can't write off the donation and the kid would be assessed income taxes on the donation.
Huh, that makes it even stranger. How do you e.g. share flats? Buy tickets for a concert as a group? Buy a plane ticket as a group? This is basic stuff...
Again, you're focused on a totally different issue. There's nothing wrong with splitting costs or reimbursing a friend who bought you something.
Splitting rent or cab fare, etc. is fine, but that certainly doesn't mean a H.S. kid can receive $50k in "donations" in his/her personal bank account without worrying about the tax implications. That's the issue the OP is trying to address.
Earlier quoted context omitted.
Huh, that makes it even stranger. How do you e.g. share flats? Buy tickets for a concert as a group? Buy a plane ticket as a group? This is basic stuff...
None of those are donations, nor are they anywhere near being tax deductible. Again, you're focused on a totally different issue. There's nothing wrong with splitting costs or reimbursing a friend who bought you something. Splitting rent or cab fare, etc. is fine, but that certainly doesn't mean a H.S. kid can receive $50k in "donations" in his/her personal bank account without worrying about the tax implications. Th…