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<blockquote data-quote="DDD" data-source="post: 436461" data-attributes="member: 35"><p>I don't know about foundations but I do know a bit about 501c3 corporations (non-profits). There is an initial filing fee and you have to have articles of incorporation prepared by an attorney. You have to have Board members who are listed with the State (including name, address etc and elected office). Once a year we have to file for renewal and update any changes in the Board of Directors. Whether it is a 501c3 or a foundation I know that you have to keep meticulous records of funds received and funds dispersed. It is a legal entity. You'll have to very careful to account for every penny received and show proof that what you've solicited is in a protect account to avoid mixing of funds. DDD</p></blockquote><p></p>
[QUOTE="DDD, post: 436461, member: 35"] I don't know about foundations but I do know a bit about 501c3 corporations (non-profits). There is an initial filing fee and you have to have articles of incorporation prepared by an attorney. You have to have Board members who are listed with the State (including name, address etc and elected office). Once a year we have to file for renewal and update any changes in the Board of Directors. Whether it is a 501c3 or a foundation I know that you have to keep meticulous records of funds received and funds dispersed. It is a legal entity. You'll have to very careful to account for every penny received and show proof that what you've solicited is in a protect account to avoid mixing of funds. DDD [/QUOTE]
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