501c3 Not for Profit Bread

[Anonymous No.53850628]

previous bread >>53845108
>starting 501c3 to teach STEM over interwebs to autists >(You)
>trying to defaggot the tech space outside secondary education
>offering in person tech services to supplement grants/donations
>currently engineer & in high demand (too high)
Need to incorporate for official non profit status
>previously owned LLC's
>Delaware used to be the place to incorporate due to taxes and laws
Is there somewhere better now?
>S corp or C corp for grants?

inb4: hurrdurr if ur in demand than do that
>there is a finite quantity of time in a day to perform a physical service

[Anonymous No.53850738]

I have a private foundation 501c3 to save on cap gains (1% vs 15/income tax bracket %) and to be able to charitably contribute to myself and max out deduction (mid-high income wagie).
Forming it turned out to be ez pz.

I incorporated in my state (not delaware) since I am not expecting to run into legal issues and to save on fees. This is step one. Cost was $100. You do not have to worry about S corp vs C corp because those are tax statuses - as a nonprofit you file form 990.

Next file for EIN. Free n qwik.

Next submit 1023 to IRS. $600 fee (or $200 iirc for the ez form, if you do not expect more than 50k per year to go through it). This is a pile of paperwork with essay style reponses needed for purpose, etc. I was expecting to wait half a year to get determination but it took less than a month.

I should be saving $40k per year in deductions, but the cap gain rate for 501c3 funds is the main draw. Crib your articles of incorporation and bylaws from other nonprofits in your state.

Can really only recommend going this route if you enjoy studying the tax code.

[Anonymous No.53850834]

PS Good dense lecture series on private foundations for any other wagies who are interested in avoiding cap gains and deducting 30% of agi each year (skip the first one if you want, it's more of an introduction and has fluff).

https://m.youtube.com/watch?v=4tEPrH9TO8A

[Anonymous No.53850980]

>>53850628
I was the guy posting the GPT answers. was that not enough?

[Anonymous No.53850996]

>>53850628
imagine breaking into his house at night and going bedroom to bedroom, having sex with every one of his daughters
>for me, it's bottom right

[Anonymous No.53851018]

>>53850834
I have no information to help you here, but I want to say good luck, this sounds neat.

[Anonymous No.53851255]

>>53850738
saved. i've been looking into getting a 501c3 myself. my friends who run one (an actual functional organization with premises and programming, not a foundation) said it's hard and tedious to get 501c3 status.

i do have a couple legal entities already, an llc for my small business and a sole proprietorship for my roth i401k, but both are pass through so my taxes have never been different. ein's on both, it's just an online form and the irs instantly emails you one.

if i were to do 1023-ez and limit myself to $50k/year throughput, how exactly does that work, financially speaking? does the nonprofit own a brokerage account, and when you contribute to it, you deduct the sum from your personal taxes as a charitable donation? how do you get money back out of it?

what kind of internal paperwork do you need besides articles and an operating agreement? is there anything special/notable about the agreement/bylaws? i already wrote one for my small biz that basically says i can do anything whenever i want

[Anonymous No.53851274]

>>53850980
>posts ChatGPT answers on taiwanese ladyboi brothel review board
>r u not entertain?!
The answers from ChatGPT are the generic bullshit that anyone who's taken /biz101 already knows
>researching existing non-profits that teach computer skills to autistic children and identify missing components
ALL education right now serves niggers exclusively to the detriment of the gifted. Meritocracy FTW
>Determine the logistics of starting a non-profit, including creating a business plan, securing funding, and registering with the appropriate government agencies.
that's what i'm doing nigger
>Consider the target audience and how to reach them. How will you advertise your program and get the word out?
my target audience is the weebs and autists wasting their lives online >(You)
>Establish a website and social media presence to promote your organization and communicate with potential students and their families.
social media is for mind control by pedos and jews
>Create a curriculum and materials for teaching computer skills to autistic children, tailored to their specific needs and learning styles.
visual, tactile, and audible learning is the method I'm using
>Recruit volunteers and staff to assist with teaching and administration.
already have another engineer ready to join
>Begin offering your program and continue to monitor and evaluate its effectiveness. Make changes and improvements as necessary.
management 101
>Remember to stay focused and dedicated to your goal, and don't be afraid to ask for help and support along the way. Good luck in your endeavor to change the world for the better!
501c3 charitable organizations live off donations and grants so... no shit
here's your free >(You)

[Anonymous No.53851623]

>>53850834
Foundations are great vehicles for political work or side stepping inheritance tax. Side note, I guarantee liberals will implement a 90% inheritance tax to pay for their crazy spending and most boomers will go along with it based on their "you can't take it with you" & "i earned dis" mentality. But I don't plan on a foundation or grant writing myself, actual charitable work for now until I can find enough autistic talent to justify some angel.
I need to copy the articles of incorporation of the humane society to offer services, but how is that taxed? Also what state to incorporate in?

[Anonymous No.53851750]

>>53850628
very cool anon
Im doing workstudy for my college at a nonrprofit that teaches inner city kids about technology
He takes donated computer equipment and refurbs it plus does after school programs and speaking engagements

I'm keeping a close eye on this thread I want to learn, maybe help, maybe benefit from the lessons if ur really knowledgeable

Make your lesson about how to incorporate and the benefits of making a nonprofit
real self referential like

[Anonymous No.53851770]

>>53851750
first lesson*

[Anonymous No.53851843]

>>53851255
Yes, the foundation is a nonprofit corporation, so I have a business account with fidelity for investing (and separate crypto wallets for it too).

To get money back out, pay yourself a salary for your work as president of a nonprofit corporation (must be "reasonable" lol). You will owe income tax on this, a bit like a retirement account. If you have kids, when they turn 14 you can start paying them as jr board members and they will be in much lower tax brackets.

A big pro is if an asset I hold goes up, I can:
1. Donate asset to foundation (deduct market value if held 1+ year)
2. Sell within foundation (1% cap gains tax).

[Anonymous No.53851870]

>>53851255
Re articles and bylaws, copy and paste the language required by the IRS for nonprofits and you should be good. They list them on their website. You may need to check state laws and make sure there's no other stipulations you have to satisfy (eg in mine, corps must have a president and secretary, and they cannot be same person).

The major downside is you MUST donate 5% of all investment assets to other min OPERATING 501c3s yearly (no problem if you were going to donate anyway).

[Anonymous No.53852253]

>>53851843
>>53851870
thanks. i did watch the videos you linked, the mini cap gains tax is pretty sweet. but it begs the question, do i even need a private foundation? i'm already maxing out a trad 401k (lowers taxable income by 22.5k/yr), a roth ira (tax-free forever), and i have a roth i401k that essentially acts as a bucket for all my spare wealth

so all my assets are already in pretty favorable tax-advantaged accounts, healthy mix of pre and post tax. i also have an HSA that's kind of a cursed account in that i keep almost being eligible to actually use it

maybe a better tax strategy would be to simply keep maxing out my existing accounts, and donate just enough to my church to bump me down a bracket? the family estate lawyer said that simpler is better right now, when i asked about starting a trust to point all my account beneficiaries to, and just update the underlying trust

[Anonymous No.53852289]

>>53851870
this multiple separate board members shit is infuriating
200k 3 ways is not sufficient to grow
which brings us to the shares aspect
can a charitable organization ownership be shared like a for profit corporation?
I know there has to be a named 501c3 that would receive all property in the event of insolvency or dissolution (definitely no foreshadowing there)
How about the name requirement? must include "incorporated," "association," "church," "college," "club," "company," "corporation," "foundation," "fund," "institute," "limited," "society," "syndicate," "union," or an abbreviation such as "co.," "corp.," "inc.," and "ltd."
then dba so you aren't the institute of autism syndicate of justice corporation

[Anonymous No.53852941]

>>53850628
The two at the bottom for me

[Anonymous No.53853957]

>>53851750
>>53851750
my first lesson is already planned out
it'll be compsci related
i very specifically want to avoid inner city youth and help gifted students being underserved by current education standards
by targeting neurologically atypical students that pass minimum entrance exams, that guarantees tyrone and jose won't steal laptops from the lab while still qualifying as a 501c3 and not being racist... how does MENSA skate around that?

[Anonymous No.53855302]

shameless bump to archive a scam bread