501c3???

Has anyone ever set one up? I am trying to get the DC3 set up as one and just looking for tips to help. I finally set up [email protected] to get paypal donations of its own and want people to be able to get a tax break, although most donations are negligible, for what they send ad what they donate. Is it even worth it?

Comments

  • DirewolfDirewolf Posts: 3,493
    I don't know about the 501C3 but watch out with paypal and charitable donations. I have seen a few instances of them locking the funds on people
  • jlmartajlmarta 50 miles from ParadisePosts: 7,278 ✭✭✭✭✭
    I've set one up but it's been a good number of years ago. Don't know how much help I could provide but I'll try. I have no knowledge of donations/PayPal, though.
  • DSWarmackDSWarmack Posts: 1,426
    As of now its just set up like a regular paypal account through the DCCC and I have opened a second account to keep the funds separate. Is it worth even setting it up as a 501c3 jlMarta? I don't know the ins and outs. I figured if I did it I might be able to get more donations seeing as how people wouldn't just think its some wonky club, you know, kinda give it more validity.
  • DSWarmackDSWarmack Posts: 1,426
    Direwolf:
    I don't know about the 501C3 but watch out with paypal and charitable donations. I have seen a few instances of them locking the funds on people
    I've heard this also. Luckily the DCCC has a very good financial lawyer on retainer. They will use the same one I do!
  • jlmartajlmarta 50 miles from ParadisePosts: 7,278 ✭✭✭✭✭
    DSWarmack:
    As of now its just set up like a regular paypal account through the DCCC and I have opened a second account to keep the funds separate. Is it worth even setting it up as a 501c3 jlMarta? I don't know the ins and outs. I figured if I did it I might be able to get more donations seeing as how people wouldn't just think its some wonky club, you know, kinda give it more validity.


    I guess it depends on the size of the donations an individual might want to use as a tax deduction. Would the typical contributor be giving in the amount of hundreds of dollars or just 10 or 20? I think the deductibility is the only advantage a 501c3 would offer. I found it quite a bit of work to set up and even then I had to use the services of a lawyer for a part of it. A small part, but an expense nevertheless.

    Oh, and you can call me Marty. Most folks do.
  • DSWarmackDSWarmack Posts: 1,426
    As much as I wish I could get hundred dollar donations it would probably consist primarily of 5-50 $ donations.
  • jlmartajlmarta 50 miles from ParadisePosts: 7,278 ✭✭✭✭✭
    One would just have to wonder if a $5 to $50 deduction would be that important to them. It wouldn't do much for my tax return so I'd probably just forego the deduction. I'm just sayin'........
  • DSWarmackDSWarmack Posts: 1,426
    That was my thought too. I was just exploring my options. I have an @$$ load of fundraising to do. I got a new list of addresses from the USO today and they are quarantining my photos for me. But I now have some 11 odd posts around the world waiting on me to send them cigars!
  • jlmartajlmarta 50 miles from ParadisePosts: 7,278 ✭✭✭✭✭
    That all sounds very positive, my friend. I think what you're doing is a wonderful thing and I hope the BORKs on these boards get behind you all the way.

    C'mon, guys, whaddaya you say? How about giving Mr. Warmack a hand, here?
  • DSWarmackDSWarmack Posts: 1,426
    They always have in the past.
  • xmacroxmacro Posts: 3,402
    Be careful with paypal; if they see a huge jump in donations or money coming in, like if your balance spikes suddenly, they'll lock the account until you can prove to them that you're legit. It can take a long time and a lot of headaches, during which you won't be able to access any of the money.
  • MVW67MVW67 WisconsinPosts: 5,580 ✭✭✭
    501c3, are set up for Non-profit orgs, such as Boy and Girls Clubs, YMCA's and so on, 501c3 are nice because an investor can make LARGE Monetary contributions and still write off, I was in charge of Youth Baseball here and had checks come through $300,000 plus. But there is another one 501c7 for contributions not to exceed 10 or 25 thousand.
    Life is too short, live it like no tomorrow...
  • DirewolfDirewolf Posts: 3,493
    xmacro:
    Be careful with paypal; if they see a huge jump in donations or money coming in, like if your balance spikes suddenly, they'll lock the account until you can prove to them that you're legit. It can take a long time and a lot of headaches, during which you won't be able to access any of the money.
    theyll charge extra transaction fees too
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