I can tell, the requirements do not appear to be terribly onerous. Getting IRS 501(c)(3) looks a bit more confusing, but so far I haven't found anything that would imply it would be terribly hard either.
I'm the president of my engineering fraternity's Housing Corporation and I've had a bit of experience with the 501c3 stuff. Its quite tricky. We are a non-profit organization but we can't get 501c3 status because you have to be 100% educational. The rules and regs for what qualifies as educational are very strict. 501c3 allows donations to the organization to be tax-deductable so to keep people from laundering money through c3 orgs they are picky. What is normally done is that the non-profit org also sets up a seperate foundation that is c3 and then uses that fund to do the 100% educational stuff. So you could receive tax-deductable monies and use them to provided OGD1 boards to students or labs or sponsor a student to work on some project. Mixing of c3 funds and non c3 funds will get you in IRS trouble quick if you don't have the accounting in order. Especially if $$ ammounts are large. -- Richard A. Smith _______________________________________________ Open-graphics mailing list [email protected] http://lists.duskglow.com/mailman/listinfo/open-graphics List service provided by Duskglow Consulting, LLC (www.duskglow.com)
