Does your organization qualify as a 501c3 charity?
When people think of non-profits, they typically think of “charitable” organizations. For example, the Red Cross and Salvation Army are in this category. These organizations are governed under Internal Revenue code 501c3, which are more commonly referred to as publicly supported charities. One feature of 501c3 organizations is the tax deductible nature of donations that the organization receives. Charitable organizations, as defined by Internal Revenue Code, court opinions and I.R.S. rulings are organized for one (or more) of these specific purposes: The relief of poverty, advancement of religion, literary or support for the arts, promotion of health, scientific research, educational organizations (schools, universities, libraries, museums and organizations who instruct the public), and organizations designed to reduce suffering and prevent cruelty to children and animals.
There are other categories of non-profit (and generally tax exempt) organizations that fall outside of the 501c3, publicly supported charity classification. Examples of these organizations include social welfare and civic organizations, athletic clubs or leagues, social and fraternal clubs, business organizations, chambers of commerce, and agricultural co-ops, just to name a few. The important distinction is that donations to organizations outside of the 501c3 designation are not eligible for tax deductible status. Of course, there are exceptions to these rules.
Tax exempt organizations and not for profits are subject to a complicated and sometimes unclear set of rules. Be sure to determine what type of organization you are starting before applying for tax exempt or public charity status and receiving donations. If you need help, give us a call or join the monthly webinar.
Free Webinar – February 7, 2012
Thank you for viewing our website. We offer a free, live webinar on the first Tuesday of every month. Our next webinar will be February 7, 2012 at 5 p.m. Pacific Time. Please sign-up in advance as spaces are limited. The webinar is 1 hour and will cover the 7 critical steps necessary to starting a non-profit or charitable organization. There is a live question and answer session during the call. We look forward to having you join us!
Webinar Schedule
Thank you for viewing our website. We offer a free, live webinar on the first Tuesday of every month. Our next webinar will be February 7, 2012 at 5 p.m. Pacific Time. Please sign-up in advance as spaces are limited. The webinar is 1 hour and will cover the 7 critical steps necessary to starting a non-profit or charitable organization. There is a live question and answer session during the call. We look forward to having you join us!
State Seeks Data on Pay of Leaders at Nonprofits
A New York State task force on Thursday began sending letters to hundreds of nonprofit organizations that receive state money demanding details about how much they pay their executives and board members.
The information will be compiled electronically and could shine a light on executives who take home an outsize share of their organization’s revenue.
The findings could also lead to public hearings, a report and proposals for reform, said Benjamin M. Lawsky, the superintendent of the New York Department of Financial Services and chairman of the task force.
Gov. Andrew M. Cuomo, who created the task force this month following an article in The New York Times about salaries at some nonprofits, has said the special benefits conferred on nonprofit organizations obligated them to keep executive compensation at levels that did not undermine their responsibilities to the public.
Mark and Tricia Del Guercio Founders of Prosperity Advisors
Tricia Del Guercio is the President of Prosperity Advisors, Inc. a company specializing in non-profit formation and consultation for people that are establishing non-profits and are seeking tax-exempt status. Prosperity Advisors has successfully advised over 350 non-profit organizations.
Tricia previously worked in her career field of 30 years with a Fortune 500 telecommunications company. Her leadership roles included consulting extensively with leading Las Vegas Commercial Real Estate developers to provide solutions to infrastructure challenges while working with leading data and technological service providers. Tricia understands the importance of visionary strategic planning, implementation and accountability.
Along the way, as a compassionate business woman and community leader, she has participated and served on several professional and charitable organizations including:
DECA – Board of Trustees – DECA prepares high school and college students as emerging leaders and entrepreneurs in marketing, finance, hospitality and management.
PBS Las Vegas – Board of Directors / Vegas PBS 40th Anniversary Committee
Commercial Real Estate for Women Las Vegas – Member / Vice President of Programs – Board of Directors
Nevada Association Industrial Office Parks – Member / Program Committee
Nevada Development Authority – Member / Telecommunications Committee
National Governor’s Conference – Telecommunications Liaison working with White House Communications Agency.
K-9 Therapy – Member / Participant K9 – Therapy activities with her pet, Dolce Vita, visiting with seniors in Assisted Living Facilities and working with special needs children.
“I am passionate about helping people make an impact, serving my community and making a difference in the world.” Tricia Del Guercio
Mark Del Guercio, EA has been an entrepreneur for the past 26 years and is the visionary and founder of several diverse businesses. Mark is also an Enrolled Agent, admitted to practice before the Internal Revenue Service.
