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Steps to 501c3

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Here are the steps to incorporating a nonprofit corporation in the state of Texas and then applying for tax deductible status with the IRS. This offers the logical steps with links to the sites where …

Here are the steps to incorporating a nonprofit corporation in the state of Texas and then applying for tax deductible status with the IRS. This offers the logical steps with links to the sites where you can access useful details.

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  • 1. Steps for Gaining Nonprofit and Tax Deduction Status – 501 (c) (3) Your pathway to the legal framework for the new ministry
  • 2. 1.! Select the following !! nonprofit name that is unique in Texas !! summary of the principal purpose(s) !! at least three members of board of directors 2.! Prepare paperwork for nonprofit corporation with the state of Texas !! minutes of first meeting of the board !! by laws !! conflict of interest policy 3.! Include the filing fee of $50
  • 3. 4.! Submit application to the state of Texas !! State of Texas nonprofit FAQs http://www.sos.state.tx.us/corp/nonprofitfaqs.shtml !! Form 202 http://www.sos.state.tx.us/corp/forms/202_boc.pdf 5.! Employer Identification Number (EIN) !! is assigned to the nonprofit’s name 6.! Approved incorporation document from the state of Texas and Employer Identification Number (EIN) !! used to open a bank account
  • 4. 7.! Grace period of 27 months !! between the start of the nonprofit and the deadline to apply for the tax deduction status with the IRS !! contributions that had been made are retroactively accepted as tax deductible
  • 5. 8.! Application for the 501(c)(3) status is long and complex !! many pages and dozens of questions !! overview of what the need is in the community and how this nonprofit will meet it !! emphasis on how the money will be raised and how it will be used !! Center for Nonprofit Management !! located in East Dallas !! offers courses in how to best complete this IRS application !! http://www.cnmdallas.org/education.aspx !! here is the actual 1023 form !! Public Charity Exemption Application !! download form 1023 and instructions !! http://www.irs.gov/instructions/i1023/index.html !! http://www.irs.gov/pub/irs-pdf/f1023.pdf
  • 6. 9.! Application to the IRS is completed !! might be wise to have a CPA review it !! revisions may be recommended 10.! Papers are signed and sent to the IRS !! may take 2 to 6 months !! if there are no extra questions !! clarifications and revisions may be needed!
  • 7. Useful Resources !! Center for Nonprofit Management 2902 Floyd Street Dallas, Texas 75204 214-826-3470 http://www.cnmdallas.org/ !! State of Texas Nonprofit FAQs http://www.sos.state.tx.us/corp/nonprofitfaqs.shtml !! Internal Revenue Service Section for Charities and Nonprofits http://www.irs.gov/charities/index.html
  • 8. IRS Assistance !! Life Cycle of a Public Charity !! http://www.irs.gov/charities/charitable/article/0,,id=122670,00.html !! Public Charity Exemption Application !! to download form 1023 and instructions !! http://www.irs.gov/charities/charitable/article/0,,id=123067,00.html !! Exempt Organization Help from the IRS !! http://www.irs.gov/charities/article/0,,id=138838,00.html !! toll free (877) 829-5500
  • 9. Your Next Step !! Get more !! general guidelines !! practical applications !! valuable links !! Go to !! Learning Online Ministry !! www.LearningOnlineMinistry.org