We filed for $300 under the "less than 10,000/yr" bracket. I believe that is what Sopo did from looking at their applicationhttp://www.bikecollectives.org/wiki/index.php?title=IRS_Form_1023on 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@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@gmail.com>* Reply-To: *The Think Tank <thethinktank@lists.bikecollectives.org >* To: *"The Think Tank" <thethinktank@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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