LancasterThrivingSummerFall2017 - 43
Key elements to consider about
transitioning your business status
from for profit to nonprofit:
* Loss of individual control - Nonprofits are governed by a board of directors, so incorporating
as such involves a loss of personal ownership and governance over the organization.
* Various classes of nonprofits - Membership organizations, business leagues, labor,
social/welfare organizations, and charitable organizations are each classed under the
Internal Revenue Code (IRC) and have separate restrictions and eligibility requirements.
* Charities must have a charitable
purpose - Do current business
activities qualify as charitable
activities under Section 501c3 of
the IRC? The Internal Revenue
Service (IRS) has very specific
eligibility requirements.
* All assets must be used
for furtherance of the
charitable purpose.
* Check with state and local
governments - Determine what
additional annual filings
are required.
Lynn A. Fitzsimons,
CPA and President,
Walz Group
Putting Control
Back In Your Hands
EXPLORE RESOURCES TO
HELP YOU BETTER PROTECT
YOUR WORKFORCE.
* Develop a business plan - Outline
why the company is better as a
nonprofit than a for profit entity.
Consider the organization's mission
statement, budget, resource
development plan, strategic
purpose, etc.
WHITEPAPERS
* Talk with your Accountant
about your plan.
TOOLS
* Transition options - Convert by
amending the existing articles of
incorporation or create a new 501c
and transfer assets/programs to the
new entity.
* Governance documents - Will
need Articles of Incorporation,
By Laws, Board of Directors, and
required state filings.
* Submit a complete Form 1023
Application for Recognition as an
Exemption Under Section 501c3
of the IRC to the IRS - There is
a long form and an EZ version,
so check to see which one you
are eligible for. It may take a few
months to receive approval.
- Lynn A. Fitzsimons,
CPA and President, Walz Group
GUIDES
Employee
Benefits
NAVIGATOR
the plan
negotiator
FREE RESOURCES AT
GetTheHorstShield.com
LancasterChamber.com
43
http://www.walzgroupcpa.com/
http://www.getthehorstshield.com
http://www.walzgroupcpa.com/
http://www.LancasterChamber.com
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