Some thoughts and Ideas

[Goalie]

Let's make sure we do this right the first time so I don't have the Attorney General breathing down my neck. This will take a couple of weeks to sort out the NFP status and the 5013C status. We can still sell our items and crafts and hold the money until I can get the right kind of account started and then we will get out the big guns and fire away. ;D

We all have a great opportunity to help these grand horses and make a difference in their lives.

any comments, suggestions, questions are greatly wanted and appreciated. We are in this together as members of exracers.

[intrepidfox]

I'm glad -- I think it's the right way to go. It sounds like you already have some of the paperwork (from your comments under the other thread). The process of creating an NFP isn't difficult; it varies a little state-by-state. You need to set up a corporate entity first, so you have a structure that can then qualify for NFP status (individuals can't be not-for-profit -- although horses tend to put us all in that category in the literal sense!). It's actually easier when you don't have money (or much) to start; otherwise they (IRS) fuss at you about whether you're a foundation, in which case you are bound by slightly different rules.

Don't be intimidated! The number of NFPs grows every day, and thousands of people with all kinds of backgrounds have figured out how to do it. Incbert.com (http://www.incbert.com/products/not_profit.php) has NFP start-up packages with everything you need to get started state by state (I'm sure lots of other places do, too, I just happen to know incbert) - for New York, the complete package with every possible form is $470. All the documents are available through state and federal resources if you want to assemble them yourself for less, although there are fees for filing various pieces of paperwork. You may already have everything you need from your accountant, but you can look at Incbert's checklist for your state to see what they recommend even if you don't buy anything from them.

THANK YOU for doing this. What an awesome idea!

[Goalie]

Thanks for your vote of confidence.

[AftertheFinishLine]

After the Finish Line, www.afterthefinishline.org, is a National 501 (c) 3 funding non-profit helping rescued Thoroughbred horses that can no longer race or breed. We provide financial assistance to rescue organizations throughout the United States that save, care for and rehabilitate Thoroughbreds with the goal of transitioning them off the track and into a second career. I'd be happy to offer some help in starting your program.

It's best to reach me by email.


Dawn Mellen, President/Founder
After the Finish Line
www.afterthefinishline.org
[e-mail]

[Goalie]

thank you Dawn. I'll be in touch.
Terrie