[TheThinkTank] 1023 forms:ATTN BIKE KITCHEN AND SOPO

Urban Bike Project of Wilmington, Inc. urbanbikeproject at gmail.com
Fri Oct 5 09:47:57 PDT 2007


We filed for $300 under the "less than 10,000/yr" bracket.  I believe that
is what Sopo did from looking at their
application<http://www.bikecollectives.org/wiki/index.php?title=IRS_Form_1023>on
the wiki.  We are reasonably sure that we will be making less than 10k
a
year for a while.  If and when we do, it should not be a problem to report
the change to the IRS and pay (if that's what's needed) the additional 350.

Brian
Urban Bike Project of Wilmington

On 10/5/07, Kyle McKinley < cariadkyle at hotmail.com> wrote:
>
> Ariel and all-
>
> my understanding is that this is a pretty clear example of 'do what you
> want and ask permission later', because you can simply update the IRS as to
> your budget later, when/if it becomes an issue, or when/if they notice that
> you are out of line. Some things you can't appologize for later (and, I'm
> sure, Ariel, that you know that I've done more than a few of those) but this
> seems like just the kind of gray area that is safe. Anyone out there know
> for sure that I'm wrong?
>
> your friend,
>
> kyle
>
> (bike---->BICAS)
>
>  ------------------------------
> From:  *"Ariel raymon" < bikefarm at gmail.com>*
> Reply-To:  *The Think Tank <thethinktank at lists.bikecollectives.org >*
> To:  *"The Think Tank" <thethinktank at lists.bikecollectives.org >*
> Subject:  *[TheThinkTank] 1023 forms:ATTN BIKE KITCHEN AND SOPO*
> Date:  *Fri, 5 Oct 2007 08:28:22 -0700*
>
> Hey there,
>  Ariel from portland Bike Farm Inc. We met with our lawyer to file the
> 1023 forms, and there were
>  a couple things we forgot to ask him. there's a section that says, if
> you'll be making over $10,000
>  in Revenue in a year, the fee to file te forms to the IRS is $750, but if
> you'll be making less,
>  then its only $300. If our organization hasn't projected to be making
> more than $10,000 the first
>  and second year, but possibly the 3rd, should we be paying the $750 or
> $300?
>  let us know... as we're in the process of doing it all, and may need to
> get money quick.
>  thanks,
>  Ariel
>
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> >Thethinktank at lists.bikecollectives.org
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