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| * [[IRS publication 557, Tax Exempt Status for your Organization|http://www.irs.gov/pub/irs-pdf/p557.pdf]] (Washington, D.C.: U.S. Government Printing Office). | * [[http://www.irs.gov/pub/irs-pdf/p557.pdf|IRS publication 557, Tax Exempt Status for your Organization]] (Washington, D.C.: U.S. Government Printing Office). ...local copy... |
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| Esp. important are the various reporting regulations (chapter 2, page 8ff) and donor interaction obligations (page 13ff). | Esp. important are the various reporting regulations (chapter 2, page 8ff), donor interaction obligations (page 13ff) and the whole chapter 3 (page 19ff) that deals with 501(c)(3) organizations. === Reporting === * Annual: - form 990: until May 15th following year; penalty: USD 20 per late filing day, up to USD 10,000. * Case-based: - form 8300: in case the PSF receives more than USD 10,000 in cash in one transaction and in the course of doing business (not as donation) * Changes to the bylaws: - a copy of the changes needs to be sent to the EO area manager, or included in the form 990 filing (page 19, IRS 557) === Donor Statements === * For cases where the foundation accepts quid pro quo donations and provides services partially in return for the donation, the PSF must provide a written disclosure statement (page 13, IRS 557). This is important for PyCon tickets that include a donation and possibly also for associate member fees. * For donations over USD 250, the donor will need a donation acknowledgment from the PSF in order to be able to deduct the donation (page 13, IRS 557). * Special requirements apply for donations of intellectual property (page 15, IRS 557). === Lobbying === * Special care must be taken not to exceed certain limits for lobbying expenditures (page 44, IRS 557) |
501(c)(3) Non-Profit Status
IRS
IRS publication 557, Tax Exempt Status for your Organization (Washington, D.C.: U.S. Government Printing Office). ...local copy... This IRS paper outlines the rules we have to follow as non-profit in order to maintain that status. Esp. important are the various reporting regulations (chapter 2, page 8ff), donor interaction obligations (page 13ff) and the whole chapter 3 (page 19ff) that deals with 501(c)(3) organizations.
Reporting
- Annual:
- - form 990: until May 15th following year; penalty: USD 20 per late filing day, up to USD 10,000.
- Case-based:
- - form 8300: in case the PSF receives more than USD 10,000 in cash in one transaction and in the course of doing business (not as donation)
- Changes to the bylaws:
- - a copy of the changes needs to be sent to the EO area manager, or included in the form 990 filing (page 19, IRS 557)
Donor Statements
- For cases where the foundation accepts quid pro quo donations and provides services partially in return for the donation, the PSF must provide a written disclosure statement (page 13, IRS 557).
This is important for PyCon tickets that include a donation and possibly also for associate member fees.
- For donations over USD 250, the donor will need a donation acknowledgment from the PSF in order to be able to deduct the donation (page 13, IRS 557).
- Special requirements apply for donations of intellectual property (page 15, IRS 557).
Lobbying
- Special care must be taken not to exceed certain limits for lobbying expenditures (page 44, IRS 557)
Resources
http://foundationcenter.org/ - Foundation Center Information about how to start and run a foundation.