Here is quick overview on benefits and liabilities of
non-profit status:

"Benefits of Non-profit status:

There are several benefits that are available to a
corporation that is established as a non-profit. These
are as follows:

A non-profit corporation may apply for and receive
exemption from federal income tax. It is very
important to note that a non-profit corporation in and
of itself is not automatically exempt from federal
income tax, but must go through the application
process to receive the exemption. 
Securities that are issued by non-profit corporations
may be exempt from federal regulation. 
Non-profit corporations may be considered for reduced
postal rates. 
Liabilities of Non-profit status:

There are also several liabilities associated with
non-profit status such as:

Non-profit organizations normally must rely on public
financial support (including membership fees if
applicable, grants, personal donations, etc..) which
may or may not be forthcoming or easily obtainable.
Since there is normally not a product or service that
is being sold, the non-profit is at the mercy of the
consciousness of the general public, which is not a
reliable or consistent source of revenue. 
Most non-profit corporations are not qualified to
receive equity or debt financing. 
Non-profits cannot distribute profits to its members,
which may hinder them from enticing members to join
their organization.
Definition of Tax-Exempt Status:

A tax exempt enterprise is a non-profit entity that is
exempt from federal income taxes, therefore, is not
required to pay taxes on any income generated during
the year. When an individual or a corporation
contributes to a tax-exempt enterprise, that
individual or corporation may take a tax deduction for
their contribution." 

Reference:
http://www.sbpm.gwu.edu/casb/Research109.htm

--- Doug Younker <[EMAIL PROTECTED]> wrote:

> Respectfully, if that is proper and legal, why do so
> many organizations go
> through the effort, to obtain a non profit status? 
> Many of them that do
> expend the effort often, have in their organization
> several members of the
> clergy, not to mention lay members of many faiths. 
> Please excuse a cynic,
> thanks.
> Doug
> ----- Original Message ----- 
> From: "Gustl Steiner-Zehender" <[EMAIL PROTECTED]>
> To: "Keith Addison" <[EMAIL PROTECTED]>
> Sent: Thursday, December 16, 2004 8:52 AM
> Subject: Re[3]: [Biofuel] Martin's Job
> 
> 
> : Hallo,
> :
> : Just  to  reiterate.   If  you  need a tax
> deductible receipt make the
> : check  or  money  order out to "Religious Order of
> Friends" and in the
> : memo  portion  put  "JtF  Fund" and it will go
> where it should and you
> : will  receive  your  receipt from the religious
> order.  All of this is
> : strictly  above board and legal.  Earmarked funds
> go to where they are
> : earmarked.   Just  let me know when you contact me
> that you need a tax
> : deductible receipt.
> :
> : Happy Happy,
> :
> : Gustl
> 
> 
> 
> ---
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