501com Minutes 2010-10-22
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| − | Date: Friday 2010-10-22 | + | Date: Friday 2010-10-22<br/> |
| − | Time: 7pm | + | Time: 7pm<br/> |
| − | Location: 1481 Wordsworth St, Ferndale, MI 48220 | + | Location: 1481 Wordsworth St, Ferndale, MI 48220</br> |
| − | Attendees: Ross Smith, Ryan Kather, Cherish Lallone, Ashley Prescott, Dennay Bedard, Aaron Dubin, Trevor Cook, Nate Bezanson, Ed Platt | + | Attendees: Ross Smith, Ryan Kather, Cherish Lallone, Ashley Prescott, Dennay Bedard, Aaron Dubin, Trevor Cook, Nate Bezanson, Ed Platt<br/> |
| − | + | == Current status of the group (Ed) == | |
| − | + | # Incorporated as Michigan non-profit corporation | |
| − | + | ## No tax exemption benefit | |
| − | + | ## Some 501c3 rules are written into our articles of incorporation and bylaws | |
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| − | '' | + | == Report on IRS 501c3 seminar (Ashley) == |
| + | # Received IRS guide for non-profits | ||
| + | # Have to serve certain purposes (educational and scientific) | ||
| + | ## Have to be public facing | ||
| + | # List of absolute restrictions | ||
| + | ## political lobbying has to be insubstantial | ||
| + | ## no income can inure to the benefit of a private individual | ||
| + | ### scholarships have to be handled fairly | ||
| + | ## should track and report public events | ||
| + | ## add public events to agenda of meetings | ||
| + | ### recommendation: track open hours and guests | ||
| + | ### may be beneficial to do an events newsletter | ||
| + | # good feedback from presenter as far as hackerspace as 501c3 | ||
| + | # not all activities are tax exempt | ||
| + | ## no paid staff -> all income is tax exempt | ||
| + | ## organization shouldn't engage in unrelated business | ||
| + | ### individuals shouldn't do business in the name of i3 | ||
| + | # ownership of tools | ||
| + | ## all assets must go to 501c3s if i3 is dissolved | ||
| + | ## equipment loans must be documented | ||
| + | # gaming is too complicated, should avoid | ||
| + | # should we find a way to encourage people to participate in charitable activities? | ||
| + | # we will still have to file an annual information return | ||
| + | ## narrative report on activities | ||
| + | |||
| + | == Members may or may not be "the public" (Ed) == | ||
| + | # consider ymca style membership | ||
| + | ## benefits "members" only | ||
| + | ## "members" are not members of the corporation (no vote for directors) | ||
| + | ## dues for non-corporate members are more likely to count as public support | ||
| + | ## non-corporate members have less formal requirements for meetings | ||
| + | ## ymca offers sliding scales and scholarships, may help us | ||
| + | # taxpayer advocate or seminar presenter may be able to answer questions | ||
| + | |||
| + | == Next steps == | ||
* Scan irs pub - Ashley | * Scan irs pub - Ashley | ||
* Review noisebridge app - Ross, Ashley | * Review noisebridge app - Ross, Ashley | ||
Revision as of 16:09, 24 October 2010
Date: Friday 2010-10-22
Time: 7pm
Location: 1481 Wordsworth St, Ferndale, MI 48220</br>
Attendees: Ross Smith, Ryan Kather, Cherish Lallone, Ashley Prescott, Dennay Bedard, Aaron Dubin, Trevor Cook, Nate Bezanson, Ed Platt
Contents |
Current status of the group (Ed)
- Incorporated as Michigan non-profit corporation
- No tax exemption benefit
- Some 501c3 rules are written into our articles of incorporation and bylaws
Report on IRS 501c3 seminar (Ashley)
- Received IRS guide for non-profits
- Have to serve certain purposes (educational and scientific)
- Have to be public facing
- List of absolute restrictions
- political lobbying has to be insubstantial
- no income can inure to the benefit of a private individual
- scholarships have to be handled fairly
- should track and report public events
- add public events to agenda of meetings
- recommendation: track open hours and guests
- may be beneficial to do an events newsletter
- good feedback from presenter as far as hackerspace as 501c3
- not all activities are tax exempt
- no paid staff -> all income is tax exempt
- organization shouldn't engage in unrelated business
- individuals shouldn't do business in the name of i3
- ownership of tools
- all assets must go to 501c3s if i3 is dissolved
- equipment loans must be documented
- gaming is too complicated, should avoid
- should we find a way to encourage people to participate in charitable activities?
- we will still have to file an annual information return
- narrative report on activities
Members may or may not be "the public" (Ed)
- consider ymca style membership
- benefits "members" only
- "members" are not members of the corporation (no vote for directors)
- dues for non-corporate members are more likely to count as public support
- non-corporate members have less formal requirements for meetings
- ymca offers sliding scales and scholarships, may help us
- taxpayer advocate or seminar presenter may be able to answer questions
Next steps
- Scan irs pub - Ashley
- Review noisebridge app - Ross, Ashley
- Review information return, form 990 - Cherish
- Review form 1023 book - Ryan
- Find possible nonprofit CPAs - Ashley
