Welcome

[MapleShade]

Intrepidfox I've been pondering some of those issues as well.

I'm hoping It's successful enough to warrant 501(c)s status. My concern with starting from that point would be the time it takes to get it set up. I think people would donate more as a 501(c)3. However, there are plenty who will donate either way too. If Goalie can make it work without 501(c)3 status I think there'd be value in starting without it.

Use of stockpiled money- I think it would be impossible to have all donors decide how stockpiled money is used. Too many cooks in the kitchen. I think use of the money should be at the discretion of the mods. Otherwise it''ll be even more time consuming and defeat the purpose of being able to act and respond immediately as needed. That being said, I agree there should be written guidelines so people would have a rough idea how their money will be spent.

Use of purpose specific money- I think this can act differently. As an example I can use the recent situation with Assumed Risk at New Vocations. Jen puts a post on the main board about Risk needing help. Once the mods approve use of the fund, people could donate specifically for that use. That way if people only want to donate on a case by case basis they can.

These 2 flows of money help the fund maximize growth . It allows people to donate in a way that's most comfortable to them. It also protects the fund's ability to act swiftly.

[intrepidfox]

I agree about the time to set up and NFP, which is why I mentioned The Field. I have set up several arts orgs as 501(c)3s, and they used The Field to clear donations until the status was established. I think most will donate with or without tax deduction (although it's nice to be able to claim donations), but my concern is as much to protect everyone involved (especially the "banker") as the tax issues. Having lived through an audit because I inadvertently created "red flags" for the IRS doing well-intentioned things like this, I'm sure I am unnecessarily overly cautious.

What about just setting up an NFP corporation, and leaving the 501(c)3 for later? That is fairly simple in most states (or can do it in Delaware) and lays the groundwork early on to protect those involved without the IRS approvals for 501(c)3?

I like the 2 money flows - probably should have some simple legalese to protect the mods in the first case, so all donors agree by committing funds that they will abide by mods' decisions. In addition to guidelines to clarify how those decisions will be made.

Feel free to ignore me. I have mediated disputes for so many years among arts orgs and other NFPs I always err on the side of caution -- and really it's rare there are issues.

[Einstein]

I love it and I fully agree that funds used to help a horse that is later resold should be repaid. The was I see it, if the fund "buys" and/or ships a horse here, and t costs a total of say $500, then that $500 will go back into the fund when I sell the horse.

I think it is a fabulous way to pay it forward to the next horse in need!

[Majors Minor]

count me in too...came in too late on Risk..shipping was paid for already.
You guys are so awesome!

[MapleShade]

Intrepidfox- that is very awesome that you have experience in such things. That's a great resource for us all! So, is thefield just for arts or any type organization? I agree that forewarned is forearmed .

Einstein- Yep. My thought is that repayment is required and additional donation is HIGHLY recommended. I think additional donation could potentially be used as a criteria that effects future fund use decisions Personally I'd consider additional donation interest and appreciation for the fund. The best part about that is 1- a sale results in the ability to help another horse and 2- the fund grows rather than shrinks. That way the machine just keeps getting greased.

[intrepidfox]

Thanks, MapleShade. I want to be helpful if I can, since I sit on a couple of NFP boards and do strategic planning (I was a professional fundraiser years ago). Most people don't think through all the issues associated with shepherding money until they have a problem. In fact, it's often easier to raise money than to give it away responsibly.

The Field is for performing artists. I was hoping to find a way to use their resources. I work with a dance company that choreographs work for dancers and horses, and we used the Field before we got IRS approval. But the Field is really for dancers, so I don't see a fit for something like this.

But I wonder if there's a resource for rescue orgs to help with early-stage donation management? Is there a way to start a "branch" of CANTER to house the funds, a CANTER without a geographic location? (I know nothing about the financial structure of CANTER, so maybe that's a ridiculous suggestion.)

Again, I know people do this kind of thing all the time very informally and never have an issue. But if there is a way to set it up with some structure from the get-go, that seems the better option. I'll see if I can find any resources I trust.

[Goalie]

Mar 14, 2009 14:42:44 GMT -5 intrepidfox said:

I agree about the time to set up and NFP, which is why I mentioned The Field. I have set up several arts orgs as 501(c)3s, and they used The Field to clear donations until the status was established. I think most will donate with or without tax deduction (although it's nice to be able to claim donations), but my concern is as much to protect everyone involved (especially the "banker") as the tax issues. Having lived through an audit because I inadvertently created "red flags" for the IRS doing well-intentioned things like this, I'm sure I am unnecessarily overly cautious.

What about just setting up an NFP corporation, and leaving the 501(c)3 for later? That is fairly simple in most states (or can do it in Delaware) and lays the groundwork early on to protect those involved without the IRS approvals for 501(c)3?

I like the 2 money flows - probably should have some simple legalese to protect the mods in the first case, so all donors agree by committing funds that they will abide by mods' decisions. In addition to guidelines to clarify how those decisions will be made.

Feel free to ignore me. I have mediated disputes for so many years among arts orgs and other NFPs I always err on the side of caution -- and really it's rare there are issues.

I won't ignore you I appreciate all of your advice and was thinking that if we made exracers NFP it could ease a lot of headaches for my accountant. Sue had given me all the info for starting the 5013C status and I think the time is right for me to do it. I guess my next simple question is....is it difficult to start a 5013C? I know nothing about it, and can get intimidated easily at times. So any help and advice is most wanted. I really want to see this take off.

[lovethekeyz23]

This is a great idea!

Goalie....would one of those saddles fit a 16.2 hand TB with really high withers? If so, I would like one. Please get back to me. Shipping is to 16602. Thanks!

[SarahK]

I do not have a website, so I thought I would post a few possible donations. I have chosen pictures about 8 X 10 and not too expensive(ones I have spent weeks embroidering and had professionally framed tend to be more expensive).
Bunnies--this is a smaller version of the one Hokie liked. 8 X 10 $35
[Chestnut horse head 12 X 15 framed and matted $50

Grey horse head 12 X 15 framed and matted $50

Bay horse head 12 X 15 framed and matted $50

Black horse head 12 X 15 framed and matted $50

Please let me know if you think someone may want these.
Margaret
Darn! A couple of them won't come up.

[Goalie]

Let's start new posts with what we have to offer for members to buy. that way this thread keeps its original purpose to just introduce what we are wanting to do. I'll start now with new threads regarding the saddles and Books.