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kmdded
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bullet Posted: 4/26/07 at 10:11pm
Along this line with starting a non-profit theatre.....How many people must constitute the board of directors and can the founders be on the board or does it have to be broader than that?
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laurielu
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bullet Posted: 4/27/07 at 3:31am
Our group just got our 501(c)(c) status. We did it with four board members; two of us were founding members. We were never asked about the make-up of our board. We did, however, incorporate in our state first and then we had a tax/accounting specialist (not necessarily a CPA) do the paperwork for us. She was happy to help and in lieu of payment, we've given her 'patron' status.
 
Hope this helps,
 
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laurielu
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bullet Posted: 4/27/07 at 3:34am
Oh, I should add that the IRS fees are rather steep. We paid $750 for the 501(c)(3) because we had over a certain amount in our bank account.
 
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POB14
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bullet Posted: 4/27/07 at 9:18am
Originally posted by laurielu

Oh, I should add that the IRS fees are rather steep. We paid $750 for the 501(c)(3) because we had over a certain amount in our bank account.
 
L.
It's based on gross reciepts, not cash on hand.  Form 8718.
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