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Author Topic: Hello from Boulder! (Questions about 501(c) status)  (Read 553 times)

vershun

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Hello from Boulder! (Questions about 501(c) status)
« on: October 29, 2013, 07:49:10 PM »
Hi everyone!

I'm from the hackerspace here in Boulder, CO and I went to the Orlando Mini Maker Faire a few weeks ago.  I talked to a couple people from FamiLAB and learned you recently got your 501(c) status.  Congratulations!

We were looking into getting ours as well and would love any advice/tricks/getting started pointers that you guys could offer.  I got a card of someone I could contact but unfortunately I lost everything I collected from the faire.

Thank you,
Evan

digitalman2112

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Re: Hello from Boulder! (Questions about 501(c) status)
« Reply #1 on: October 30, 2013, 06:56:07 AM »
Happy to help, but REALLY busy for the next 2 weeks. Maybe a google hangout after that to discuss? (ian.cole@gmail.com)

We can share all our documents (heavily patterned after Noisebridge and their back & forth with IRS)

This thread should be public and should contain enough to get you started - http://forums.familab.org/index.php/topic,638.0.html



Here's some quick tips:

1) Do cool stuff now.
2) Document all the cool stuff you do - photos / blog of everything
3) Read the IRS instructions. Read them again. Keep reading them - its all there, but it takes a while for it to sink in.
4) I've been told that mentioning "Open Hardware" or "Open Software" triggers a more formal review due to companies creating side foundations to shield earnings from taxes. No idea if this is true, but good to consider.
5) If you don't have an accounting system and excellent financials - now is a great time to start. I recommend Quickbooks Online. Yep, its $30 a month, but WELL worth it.
6) Read the instructions again :)

Simply7

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Re: Hello from Boulder! (Questions about 501(c) status)
« Reply #2 on: October 30, 2013, 07:38:18 AM »
If you are planning on setting up a 501c similar to what we did, education/training. You should document your classes. We did ours in our front page blog, but (I think) provided printouts. When we did this it established a history that supported our future plans and the 501c.

That was the one thing I remwmber off the top of my head.