501c3???

Has anyone ever set one up? I am trying to get the DC3 set up as one and just looking for tips to help. I finally set up deadcamelcigarclub@gmail.com to get paypal donations of its own and want people to be able to get a tax break, although most donations are negligible, for what they send ad what they donate. Is it even worth it?

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Direwolf

I don't know about the 501C3 but watch out with paypal and charitable donations. I have seen a few instances of them locking the funds on people

jlmarta

I've set one up but it's been a good number of years ago. Don't know how much help I could provide but I'll try. I have no knowledge of donations/PayPal, though.

DSWarmack

As of now its just set up like a regular paypal account through the DCCC and I have opened a second account to keep the funds separate. Is it worth even setting it up as a 501c3 jlMarta? I don't know the ins and outs. I figured if I did it I might be able to get more donations seeing as how people wouldn't just think its some wonky club, you know, kinda give it more validity.

DSWarmack

Direwolf:
I don't know about the 501C3 but watch out with paypal and charitable donations. I have seen a few instances of them locking the funds on people

I've heard this also. Luckily the DCCC has a very good financial lawyer on retainer. They will use the same one I do!

jlmarta

DSWarmack:
As of now its just set up like a regular paypal account through the DCCC and I have opened a second account to keep the funds separate. Is it worth even setting it up as a 501c3 jlMarta? I don't know the ins and outs. I figured if I did it I might be able to get more donations seeing as how people wouldn't just think its some wonky club, you know, kinda give it more validity.

I guess it depends on the size of the donations an individual might want to use as a tax deduction. Would the typical contributor be giving in the amount of hundreds of dollars or just 10 or 20? I think the deductibility is the only advantage a 501c3 would offer. I found it quite a bit of work to set up and even then I had to use the services of a lawyer for a part of it. A small part, but an expense nevertheless.

Oh, and you can call me Marty. Most folks do.

DSWarmack

As much as I wish I could get hundred dollar donations it would probably consist primarily of 5-50 $ donations.

jlmarta

One would just have to wonder if a $5 to $50 deduction would be that important to them. It wouldn't do much for my tax return so I'd probably just forego the deduction. I'm just sayin'........

DSWarmack

That was my thought too. I was just exploring my options. I have an @$$ load of fundraising to do. I got a new list of addresses from the USO today and they are quarantining my photos for me. But I now have some 11 odd posts around the world waiting on me to send them cigars!

jlmarta

That all sounds very positive, my friend. I think what you're doing is a wonderful thing and I hope the BORKs on these boards get behind you all the way.

C'mon, guys, whaddaya you say? How about giving Mr. Warmack a hand, here?

DSWarmack

They always have in the past.

xmacro

Be careful with paypal; if they see a huge jump in donations or money coming in, like if your balance spikes suddenly, they'll lock the account until you can prove to them that you're legit. It can take a long time and a lot of headaches, during which you won't be able to access any of the money.

MVW67

501c3, are set up for Non-profit orgs, such as Boy and Girls Clubs, YMCA's and so on, 501c3 are nice because an investor can make LARGE Monetary contributions and still write off, I was in charge of Youth Baseball here and had checks come through $300,000 plus. But there is another one 501c7 for contributions not to exceed 10 or 25 thousand.

Direwolf

xmacro:
Be careful with paypal; if they see a huge jump in donations or money coming in, like if your balance spikes suddenly, they'll lock the account until you can prove to them that you're legit. It can take a long time and a lot of headaches, during which you won't be able to access any of the money.

theyll charge extra transaction fees too