On 10/5/07, Urban Bike Project of Wilmington, Inc. <urbanbikeproject@gmail.com> wrote:

We filed for $300 under the "less than 10,000/yr" bracket. I believe that is what Sopo did from looking at their application 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@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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