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Foundation Update – 1023 Status

Foundation Update – 1023 Status

Diane DiamantisFormationLeave a Comment

It is late June as I write this. I leave for vacation in 2 days to go see my husband’s folks for a week.

I truly wanted to submit our IRS Form 1023 by June 30. But sometimes a wrinkle appears that you just have to iron out before proceeding.

1023 Status and Articles of Incorporation

I wrote a blog about becoming incorporated, and about receiving our EIN number. Through my accountability partner that I also wrote about, we discovered that I had omitted a couple of clauses from the initial Articles of Incorporation online. (She did too – I’m not alone!)  Those electronic Articles on Sunbiz.org don’t ask you for a dissolution clause or an expanded purpose clause because they are created really for “for profit” corporations. But with a non-profit – you must have those clauses in your Articles of Incorporation for the IRS to consider your plea for tax exempt status through the IRS Form 1023.

I had a good experience with the IRS – yes, I did! I filled out an amendment form to mail in with a fee to correct the Articles of Incorporation. I noticed that it said the form had to be sent within 30 days of the initial incorporation filing – and my 30 day mark was the very next day. I called the number on the form and asked if the arrival of the amendment was noted by postmark or date of receipt, and the nice woman on the line said it was by postmark, so not to worry.

As I was getting ready to package my check and envelope – I had a phone call back. The Caller ID said Internal Revenue Service. (I sure hoped it was the woman I had just spoken to!) It was. She was kind enough to call me back to tell me that she researched it further, and that I needed to fill out a different form – because the amendment would, after all, be recorded as to date of receipt. She guided me to the correct form and I filled it out, and mailed it in. So, this has delayed my ability to send in the 1023 form, because you need the amended Articles of Incorporation to do so.

1023 Status – Still Proceeding to Get Tax Exempt Documention in Order

That’s really ok, because I have been busy with some speaking engagements and other work that has slowed down my progress on the 1023. I am, however, almost finished and expect to be finished before we leave for vacation on Tuesday.

In other Foundation updates, we had our first Board Meeting! I created the agenda, and my two board members and I met. I was impressed with the enthusiasm and dedication that they are showing regarding the organization. We adopted the organization bylaws, and approved the Conflict of Interest Policy, reviewed the Board job descriptions, reviewed cash flow projections and more.

So while I wait on my amended Articles of Incorporation to show up on Sunbiz.org, I have a deep sense of satisfaction KNOWING that we are making this happen. I hope to mail off the 1023 package while on vacation – I’m taking everything with me. If the amended Articles show up during that week – I’m putting the package in the mail and sending it, along with a prayer.

Diane Diamantis

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