can anyone tell me how much it cost to become a 501c? Is there a lot involved and about how long does it take to become one. Does it have to be approved by the Princ. or the B.O.E.
The recommend to search this site is a good one. You can probably focus on this thread ( Robt's Rules, ByLaws, Legal) as it most of the critical information is here. (Much faster to search ONE area.)
But for a keyword, use 501. It's actually 501(c)(3), but sometimes we drop the parenthesis. So "501" will get you more matches.
501c3 is the section of the IRS Tax Code that covers Non-Profit Organizations. Since it is easier to type "501c3" than "Non-Profit Organization" you usually see the shorthand.
There are a number of steps you need to take to apply for recognition under 501c3, including filling out a large-looking application and paying the application fee. Once appoved, the PTO would not have to pay federal income tax on proceeds (but still needs to file forms once a year) or pay state sales tax (in many states), and people and businesses will be able to donate to the PTO and take it off their taxes (generally).
If your Treasurer has not be sending in forms every year your group is probably not 501c3. I think you can call the IRS to find out your groups status - check out www.irs.gov
to find the number.
Does that give you the basics - or do ytou want more info?
Can someone please explain what this is and why you would or would not want to do this? How do you find out if your PTO is under this...other than the obvious....ask the treasurer.
