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shibu

501(c)(3) for injured Skydivers?

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I would like to know if the USPA or any organization assists in the formation of a 501(c)(3) or any tax exempt organization for the purpose of raising money to help injured skydivers.

Many people & corporations will be more apt to donate a larger sum if they will not have to pay Federal taxes on the money they are donating.

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Bluhdow

Not a bad idea. Maybe you could bundle it with a paraglider/paragliding organization to get some scale.



I was thinking of the USPA (or maybe just a group of attorneys willing to do the Pro Bono work) who would be willing to assist in the formation of these corporations individually for each skydiver or at least skydiving instructors / professionals who is seriously injured.

Once formed, they can be managed by the individuals families but I believe help with the formation of these Tax exempt organizations would go a long way toward increasing the donations because business & people would get a write off by donating. I know the organization I adopted my greyhound from had such a status. I have donated to injured Vets who have had such organizations formed. I don't understand why it is not more commonplace with injured skydivers - many of whom are in need of special vehicles & other basic medical needs.

Honestly, I was thinking of one or two injured skydivers in particular. If there are no attorneys who are willing to donate their time, perhaps I was have a 501(c)(3) formed & cover the expenses myself.

I just am not sure if those "form a corporation without an attorney" ads I hear on the radio would withstand scrutiny. Does anyone have any experience with them or has anyone been involved in the process of forming a 501(c)(3) for an injured skydiver?

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shibu

***Not a bad idea. Maybe you could bundle it with a paraglider/paragliding organization to get some scale.



I was thinking of the USPA (or maybe just a group of attorneys willing to do the Pro Bono work) who would be willing to assist in the formation of these corporations individually for each skydiver or at least skydiving instructors / professionals who is seriously injured.

Once formed, they can be managed by the individuals families but I believe help with the formation of these Tax exempt organizations would go a long way toward increasing the donations because business & people would get a write off by donating. I know the organization I adopted my greyhound from had such a status. I have donated to injured Vets who have had such organizations formed. I don't understand why it is not more commonplace with injured skydivers - many of whom are in need of special vehicles & other basic medical needs.

Honestly, I was thinking of one or two injured skydivers in particular. If there are no attorneys who are willing to donate their time, perhaps I was have a 501(c)(3) formed & cover the expenses myself.

I just am not sure if those "form a corporation without an attorney" ads I hear on the radio would withstand scrutiny. Does anyone have any experience with them or has anyone been involved in the process of forming a 501(c)(3) for an injured skydiver?


501's require government approval based on a long list of qualifiers to earn tax free status and must adhere to strict ongoing accounting and fiduciary rules. One can probably be formed using a simple online service but must still be recognized to be valid, and that can take a lot of effort.

Having an individual entity for each beneficiary would probably not be cost effective because of the costs associated with ongoing compliance. Helping jumpers individually would probably be most efficient just using a simple ongoing online fundraiser.

A better structure for the big picture might be a single organization dedicated to assisting jumpers across the country.
Chuck Akers
D-10855
Houston, TX

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chuckakers


501's require government approval based on a long list of qualifiers to earn tax free status and must adhere to strict ongoing accounting and fiduciary rules. One can probably be formed using a simple online service but must still be recognized to be valid, and that can take a lot of effort.

Having an individual entity for each beneficiary would probably not be cost effective because of the costs associated with ongoing compliance. Helping jumpers individually would probably be most efficient just using a simple ongoing online fundraiser.

A better structure for the big picture might be a single organization dedicated to assisting jumpers across the country.



I understand now. Thank you for the explanation.
does anything like this already exists at the US PA?

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I believe there are 501 C 3 consultants that specialize in advising people accurately on how to set one up. They might be less expensive that an attorney that may have to study up on them if if isn't their specialty plus I would bet the brain power is available on DZ if they would volunteer.

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shibu

***
501's require government approval based on a long list of qualifiers to earn tax free status and must adhere to strict ongoing accounting and fiduciary rules. One can probably be formed using a simple online service but must still be recognized to be valid, and that can take a lot of effort.

Having an individual entity for each beneficiary would probably not be cost effective because of the costs associated with ongoing compliance. Helping jumpers individually would probably be most efficient just using a simple ongoing online fundraiser.

A better structure for the big picture might be a single organization dedicated to assisting jumpers across the country.



I understand now. Thank you for the explanation.
does anything like this already exists at the US PA?

No.
Chuck Akers
D-10855
Houston, TX

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IMHO this is a can of worms.

There are strict legal requirements that need to be followed, regular recorded board meetings for example. There are IRS regulatory hurdles to jump through to qualify for 501(c)(3) status, also annual tax filings.

Then you get to the bigger issue; this organization needs someone to solicit donations, manage the all of the compliance hurdles, and then evaluate cases for fund disbursement.

One injured skydiver could drain the whole charity depending on the need. How do you determine who to give to and how much, and who not to?
"The restraining order says you're only allowed to touch me in freefall"
=P

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Short answer. Yes it can be done.

Long answer is way more complicated. You are creating an entity that will be very complicated and will require full time work and lots of volunteer hours if you are planning on disbursing most of the proceeds. You will also have to develop a LEGAL means test on who the money will be disbursed to and how. Will you be giving grants? Or paying bills? Giving cash disbursements is way more complicated then covering partial or whole medical bills. Others have stated about board meetings and minutes and accounting but before you even get to that you will have to have the other ducks I mentioned in a row and those are just ones you will need to even think about getting started there is way way more.

Now if your ready to make this your life's work, and it will be your life's work, then I for one would not only applaud you but would gladly donate not only money but what little precious time I have left after my other charitable endeavors (we are dedicated members of Team in Training, Leukemia and Lymphoma Society) Life is precious and we don't always realize it until we get involved In doing something that's outside of ourselves.

For me I want to kick cancers ass. I don't want any father or mother or husband or wife or children to have to bury another family member because of cancer. I hate it. HATE HATE HATE Cancer :(

Please keep us all informed if you decide to accept the mission that has been sent to you (which it has because your the one that it came to thought) Everyone has had an idea that can change the world but not everyone has the fortitude to follow through.

MAKE EVERY DAY COUNT
Life is Short and we never know how long we are going to have. We must live life to the fullest EVERY DAY. Everything we do should have a greater purpose.

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