From the desk of Seemingly Boring, Yet Very Important…
On March 14th, 2016 our board received our official, federally recognized, nonprofit status!
This was big news for us. We are a fairly small group of people running this joint. That is a LOT of paperwork.
We’ve been working on this as a project for longer than Artists & Artisans in Paradise has been around!
Why our 501(c)3 status benefits you.
The guild has the mission to promote the arts and artists in our community. We are better able to do that with a budget that is supported both by our community and by private foundations.
With a nonprofit status,
1) an organization’s net revenue (after expenses) is generally not subject to tax
3) the organization is eligible for grants.
Tips for Filing for a 501(c)3
It does take a village. Here are a few tips we would give to anyone trying to achieve their own nonprofit status:
- Get a reader. Ask someone who has filed 501(c)3 paperwork before (and succeeded) to look over the docs for you before you send them off.
- Form a Committee. Have several people who know the organization and its history and mission well help with revising and writing the documents. We had excellent help from Debbie Gilbert Taylor, who was the original founder of the Stratford Arts Guild.
- One Cook in the Kitchen. In order to keep the documents organized and timelines on track, one person should be responsible for copying, printing, mailing and ensuring paperwork gets filed according to rules.
- An accountant is handy. Over the course of trying to file paperwork, we discovered some interesting financial history about our organization, prior to the current board having hold of the reins. It was extremely good investment to have an accountant assist us.
- Don’t give up. If the work you are doing truly qualifies you to be tax exempt, that’s a boon for all involved. The tediousness of filing and fact check is important, as it will open your organization up to more resources in the future.