Posted by Brian A. on Wednesday, November 21, 2007 at 22:56:10 :
In Reply to: Has anyone created a 501c3 corp ? ? posted by Tom @ Snake River on Wednesday, November 21, 2007 at 21:43:36 :
I helped create a 501(c)3 for a museum several years ago. It takes time, first you have to form a corporation within your state, then apply to the IRS for the 501(c)3 status. If your application is very good and the stars all line up correctly, it will take the IRS six months to approve you. A good CPA can be of tremendous value here, or a good attorney, or both.
I don't believe a non-profit can only dispose of items to another non-profit. In the case of items deemed surplus to the operation of the corp, they may be sold to whomever the board wishes to sell them to. In the case of disolution of the corp, all assets must either go to another approved 501(c)3 or be distributed by the courts, as spelled out in the corps charter. These things can get tricky though and care must be taken to not run afoul with the IRS.
Follow Ups: