1. #NAFNext2014

2. IMPACT YOUR ACADEMY Establishing a 501c3 Organization: Challenges and Benefits Updated! #NAFNext2014 Jim Nicholson Senior Director Investments Oppenheimer & Co. Inc. C. Joanne Patrick Academy Coordinator Seattle Public Schools Wednesday, July 9, 2014 3. Who are You? #NAFNext2014 Who are we? ? 4. Exciting? No Beneficial? Yes Worth the time and energy? Absolutely! 501(c)(3) 5. #NAFNext2014 Purpose: enhancement activities, not school district expenses AOHT Ballard AOIT SAF 501c3 AOF Chief Sealth Franklin Ingraham Chief Sealth 6. 1. Advisory Board controlled 2. Fundraising simplicity 3. Eligible to apply for private foundation grants 4. Control of Funds 5. Assets segregated from School District Funds Why a 501(c)3 7. 6. Recognition and legitimacy of Organization 7. Exemption from Federal Income Tax 8. Tax Deductible Charitable Contributions 9. Eligible to use 3rd class postage rate for Bulk mailings 8. 1. Have law firm complete application process 2. Anticipate 6-12 months to complete 3. Use IRS Publication 4220 for Guidelines 4. Academy entity Challenges 9. 5. Create or update Academy By-Laws to include Articles of Dissolution SAMPLE DISSOLUTION STATEMENT: Should the school district or the advisory board determine that the Academy program is no longer viable, all assets will be provided to the Seattle Academies Foundation and the Advisory Board disbanded with a majority vote of those Advisory Board members present at a meeting. Prior to the vote, 30 days notice will be given to current members about the dissolution. 6. Apply for Articles of Incorporation with state 7. Apply for Business License 10. Complete application process Submit Fee Receive Tax ID number from IRS Open books - tranparency 501(c)3 check list 11. Who can help you with this process? Resources: http://naf.org/staff-board-bios http://naf.org/become-naf-partner Other choices? Brainstorm 12. Hold Annual Meeting Keep detailed records File Annual Report Form 990 25 to 30 pages first 3 years Postcard submission for year 4 and beyond Yearly Requirements 13. Disclosure Requirements All documents, etc require this statement A 501(c)3 Non-profit Organization Recommend an Accounting Software Program (like QuickBooks) TechSoup.org Audit/Financial Review 14. Use CPA specializing in Non-Profit tax laws Set up tax year to match school year September 1 August 30 Develop Procurement Form Use it! Suggestions 15. Seat t l e Academies Foundat ion Donat ion Pr ocur ement For m THANK YOU for donating to our Fundraiser. Proceeds benefit a variety of enrichment programs for our Academy of Finance, Hospitality & Tourism, and Information Technology students. Please provide us with the information requested below. DONOR INFORMATION Mr./Ms. First Name: ___________________ Last Name: _____________________________ Donor Name: ________________________ Business Phone:__________________________ Street: ______________________________ Email: _________________________________ City: _______________________________ State: ______ Zip: _______________________ GIFT INFORMATION Gift Item Name: ___________________________________________________________ Fair Market Value:$____________ I would like to contribute cash. Amt.$____________ Item Description/Other: ________________________________________________________ * Recommended expiration of December 30, 2015 will be applied unless otherwise instructed. Please include brochures/menus/ business cards for display if appropriate Date item will be delivered:_____________ Item pick up date:_____________ Other (please specify): _________________________________________________________ Seattle Academies Foundation Tax ID # 20-1954948 501( c ) (3) Non-Profit Organization PLEASE SEND DONATION ITEMS TO: Mrs. Joanne Patrick, Academy Coordinator Seattle Academies Foundation 7510-29th Northwest Seattle, WA 98117-4615 (206) 252-0745 w (206)252-0731 f email: cjpatrick@seattleschools.org 16. Accountability / Asset Segregation Control of Funds Tax Exemption/Charitable Contributions Benefit Summary 17. Streamlined Fundraising Combined Academies 18. Grant Applications Pressure off Director 19. What are your next steps? Who do we do this for . . . Follow up 20. Contact information Jim Nicholson James.h.nicholson@gmail.com 425-709-0462 C. Joanne Patrick cjpatrick@seattleschools.org 206-252-0745 Thank you!