To non-profit or not-profit
The warehouse project is going pretty well, with a good group of people, lots of project activity, and almost at the black line for finances. Our next big question is, do we go non-profit? In an ideal world, our LLC could go to classes on how to do this, ask questions about what we need to do to be in line with all the laws and regulations from an experienced teacher, and hand in a single application packet with a small fee once ready.
I am told this is not how it works.
We are lucky that one member has done some background research on what we need to do, what laws are really important to research, and what benefits and difficulties we can expect. But it will take calling different offices to ask questions, probably some legal counsel, some changes in how finances are handled, and probably more work for me as we change our spreadsheets and procedures. The benefits would be helpful however, and so we’re slowly moving forward. In the meantime, if there are any experts out there on moving to non-profit status in the Centennial State, let me know.
2 comments Sunday 17 May 2009 | m. | Announcements
Well I’m involved with 2 non-profits here in Colorado, so I guess that makes me as qualified as anybody…
I definitely recommend getting a lawyer or an attorney of some kind to help with the paperwork and to be sure you do everything the way The Man wants it. One of my groups just got the 501c3 status after working at it for over a year and going through a few rejections. Also, be sure you’re working with a good group of people who are responsible, trustworthy and honest. Getting rid of board members that don’t measure up to expectations can be a pain in the ass.
Also, there are classes available to help non-profit BODs, but I’m not sure how much they cost. I can get you some info about them if you’d like.
Well, we just spent three figures on fees for CO’s VLAA…hope that gets us somewhere. Definitely do tell me about the classes, I want to have more info as we plunge into the world of non-profitability (already there, but now according to The Man).