exitmusic Posted February 21, 2020 Share Posted February 21, 2020 2 hours ago, garfield said: Cadets are a 501c3. Don't worry, you can give plenty and write it ALL off as a charitable contribution. Denise Bonfiglio literally said last night that they were not. 1 Quote Link to comment Share on other sites More sharing options...
dans Posted February 21, 2020 Share Posted February 21, 2020 24 minutes ago, HockeyDad said: When you say - work to do - are you meaning financially? Or at the marching members side of it, such as talent, preparation, things like that? Or some of both? I’m getting hints the most work to do is in the administration/financial health side of the house versus the on-the-field product. Is that how you see it? All corps have work to do this time of the year. However, the most important work right now (for the future sustainment of the Cadets organization) is on the admin/financial side of the house. 1 Quote Link to comment Share on other sites More sharing options...
exitmusic Posted February 21, 2020 Share Posted February 21, 2020 2 hours ago, garfield said: Wait, what? "...in place..." before what, this webinar? Seriously? These are STAFF people. You're talking about BOARD people. The staff is in place, why get rid of them to "start fresh"? Were they not competent? Don't you think the current leadership has enough going on that trying to hire staff is a not-justifiable waste of energy? They've given a date by which they say they'll have a BoD in place. Through all of your criticisms here, I'm having a really hard time following any sort of common theme or logic besides you're just not happy. If your theme is to just "Throw them all out and start again, fresh" (as you've hinted) just say so. Again -- who taught you corporate law?! A corporation literally cannot exist without having a board of directors in place. It's a legal impossibility. If a corporation has no board, there is literally no corporation. The way you start a corporation -- and we know now that they have not -- is to file the Articles of Incorporation with the relevant state Secretary of State. In those Articles, you are required to name the initial board of directors. There is no way around this. What we have here is a loosely associated group of people with a "plan" that they won't share, who seem to be repeating past mistakes. 1 1 1 Quote Link to comment Share on other sites More sharing options...
exitmusic Posted February 21, 2020 Share Posted February 21, 2020 10 minutes ago, fsthnds said: Cadets can fundraise without a 501c3. The bottom line is the DONOR cannot take any tax credit without the 501c3. Be careful if you donate now as your donation would not be tax deductible. My recommendation would be wait to donate until they have their non-profit status confirmed. I know with the IRS that can take several months or longer. Especially if you are a new identity with no previous filings. 100% Quote Link to comment Share on other sites More sharing options...
George Dixon Posted February 21, 2020 Share Posted February 21, 2020 18 minutes ago, fsthnds said: Cadets can fundraise without a 501c3. The bottom line is the DONOR cannot take any tax credit without the 501c3. Be careful if you donate now as your donation would not be tax deductible. My recommendation would be wait to donate until they have their non-profit status confirmed. I know with the IRS that can take several months or longer. Especially if you are a new identity with no previous filings. I haven’t overseen a npo in a bit but I recall donations can be deducted while the application is filed and pending unless it is ultimately rejected 1 Quote Link to comment Share on other sites More sharing options...
BeachBum Posted February 21, 2020 Share Posted February 21, 2020 (edited) This debate about 501c3, whether they can fundraise, whether your donation is tax deductible, where their board is, Etc. is just odd to me. They are not operating as their own organization yet. That’s not until March 31. 501c3 is YEA right now. Board is YEA right now. Donations are tax deductible right now. They can fundraise and you can donate - and write it off. They said all of these details would be complete by March 31 when they transition. Why are we still talking about this? Am I missing something? Edited February 21, 2020 by BeachBum 5 2 Quote Link to comment Share on other sites More sharing options...
Slingerland Posted February 21, 2020 Share Posted February 21, 2020 (edited) 28 minutes ago, fsthnds said: Cadets can fundraise without a 501c3. The bottom line is the DONOR cannot take any tax credit without the 501c3. Be careful if you donate now as your donation would not be tax deductible. My recommendation would be wait to donate until they have their non-profit status confirmed. I know with the IRS that can take several months or longer. Especially if you are a new identity with no previous filings. This is correct. For the most part, the IRS will allow tax deductibility on an org whose 501(c)(3) application has been submitted and is pending approval, but it can't be claimed on an individual's tax form until AFTER the determination letter has been received by the org (so donate in 2020, but if they don't get a determination letter until May, 2021, you won't be able to deduct the donation on your 2020 taxes next April, you'll have to wait until the following year unless you want to file an amended return). Have they formally incorporated their new NPO? Edited February 21, 2020 by Slingerland 1 Quote Link to comment Share on other sites More sharing options...
garfield Posted February 21, 2020 Share Posted February 21, 2020 36 minutes ago, fsthnds said: Cadets can fundraise without a 501c3. The bottom line is the DONOR cannot take any tax credit without the 501c3. Be careful if you donate now as your donation would not be tax deductible. My recommendation would be wait to donate until they have their non-profit status confirmed. I know with the IRS that can take several months or longer. Especially if you are a new identity with no previous filings. If one gives now, they give to YEA! as always (even designated funds). Soon, one will be able to give directly to Cadets. If one were a honk who's not all that interested in supporting anything in YEA! but Cadets, one will be able to right your check soon. Quote Link to comment Share on other sites More sharing options...
troopers1 Posted February 21, 2020 Share Posted February 21, 2020 Regarding deducting donations to the new org: 1st world problem! The vast majority of people don't exceed the new standard deductions. 2 1 Quote Link to comment Share on other sites More sharing options...
garfield Posted February 21, 2020 Share Posted February 21, 2020 1 minute ago, troopers1 said: Regarding deducting donations to the new org: 1st world problem! The vast majority of people don't exceed the new standard deductions. And the vast majority of the corps' income will NOT come from donations (even as it's a realistic repository of potential). Quote Link to comment Share on other sites More sharing options...
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