Hello fellow Kineticists:

Despite being burried in a mountain of other projects, my research into the wonderful world of non-profit tax continues. I think I'm starting to get a clear idea of what legal / tax entity we might want to use, and I've been assembling a hefty binder of IRS publications for reference. For those following along, 501c3 - Private Operating Foundation is currently the target model since it seems to fit our event the best and offer the fewest restrictions on donations, etc. I'll present more details at the next meeting. Also, careful reading of the Form 1023 now leads me to believe that our filing fee would only be $300 for Federal, and not $700 as previously assumed. The language is a little fuzzy, but it pertains to average gross receipts for a 4-year period vs. average ANNUAL gross receipts for a 4-year period. Picky I know, but that's tax law. State filing is still $75 (man-eating) clams.

If you're interested at all in discussing how we might put together a non-profit corporation to administer the race/event, plan to be at the next meeting on Dec. 9. Remember, the non-profit only gets us as far as a legal identity and a bank account. We still have a ton of work to do after that, and a lot of dough to scrounge if 2009 is going to be anything other than a club party.

But, once this issue is knocked out, we can start thinking about the perameters of an event and start working on budget scenerios (sp?). As with all events, cash will probably be the primary determining factor.

Scott Frey