501C3 Preparation

OFG Advisors assists organizations to be classified as Non-profit for the Federal Government (and state and local governments).

Non-profit status is a specific designation that is granted by the IRS. This designation enables an organization to function on a tax-exempt basis. This benefit is designed to help groups engaged in community support activities. To achieve this status, the organization must prove its legitimacy through a written business plan and completion of various related forms including the 1023 Application.

Potential qualifying organizations would include:

  • Churches & Synagogues, etc.
  • Outreach Programs
  • After-School Programs
  • Elder-Care & Youth-Care Programs
  • Neighborhood Improvement Groups
  • Food and Clothing Distributors for the Homeless and Poor
  • Homeless Shelters
  • Groups to help Disabled Populations, and others

To achieve non-profit status you must first complete a 1023 Application and receive approval.

The 501C3 is a complex form and process. OFG Advisors will ensure that your group properly completes the documentation and procedures as well as the accompanying documents.

Maintaining 501C3 Status

Once achieved, you will want your organization to retain its tax exempt status. This requires an ongoing relationship with your Accountant as you must report your non-profit activities annually, including completion of 990 and 990EZ forms.

OFG Advisors can keep you in good standing so your group can achieve its goals.

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