This afternoon we submitted our application to the IRS for recognition of exempt status for charitable nonprofit organization (on form 1023-EZ), along with the required $400 fee. It’s interesting to note that forming a “tax exempt nonprofit corporation” actually costs a fair amount of money!
To date, we’ve spent $399.50 to have the corporation paperwork completed and filed with the state, another $20 for the Statement of Information to the state (required within 90 days of incorporation), and another $400 to the IRS to apply for 501(c)(3) tax exempt status. When you count the cost of the web server, domain name registration, and other assorted fees, and we’ve spent more than $1,000 just to bring GAATES, Inc. into existence!
It will all be worth it in the long run, however. The things we have planned are absolutely amazing and will help so many deserving people! So stay tuned. With any luck we’ll soon be able to announce our new tax-exempt 501(c)(3) status!