A lot of homeschool leaders ask me,
“What do I need to do after my homeschool gets nonprofit or tax exempt status?”
They are asking about being compliant with the laws of our land, both federal and sate.
This article Making Sure your Nonprofit Organization is Compliant from MoneyMinder.com has a great article that explains compliance in these areas:
Tax Exempt Status which includes federal income tax exempt granted by the IRS, and sales tax exemption from your state. Your nonprofit may even be eligible for property tax exemption if your own a building. The laws on sales tax and property tax exemption vary by state.
My article explains the IRS filing requirements Do You Know About Required IRS Filings? for tax exempt organizations.
Register with the State Registration laws vary from state to state but most require you to confirm your active status (especially if you are formed as a nonprofit corporation), contact information, mailing address, and name of board members. This reporting is usually to the Secretary of State’s Office.
Charitable Solicitations
Many states ask that you register before actually asking for donations or fundraising. This registration is usually to the Attorney General’s office in your state.
Donation Receipt Requirements
A donor should be given a receipt for any single contribution of $250 or more. The article gives more details on what your donation receipt should say.
To research what your state compliance requirements are visit this helpful website
https://www.harborcompliance.com/information/nonprofit-startup-guide.php
If you wish, I can research your state’s requirements and compose a letter explaining what you should do next for filing in your state. I will charge $50 for the research and letter. Just let me know if I can help you in this way.
I hope that helps you know what it takes for your homeschool nonprofit to be compliant in your state and with the IRS.
Carol Topp, CPA
HomeschoolCPA.com