501(c)3 Committee Meeting Minutes 3/8/07

N.I.C.E.

(NIPOMO INCORPORATION COMMITTEE for EDUCATION)
501C3 Committee Minutes March 8, 2007
Present: Bonnie Eisner, Guy Murray, Susie Hermreck, Donna Mehlschau
Absent: Terri Howard

The meeting was called to order at 2:30 p.m. We went over the items required for NICE o become a Non-profit organization. There are a total of 13 steps required and about 8 need to be done prior to applying. There are a number of items that the steering committee needs to decide at the meeting on March 27th.

Items to Discuss

Formulate a Mission Statement
Form a Board of Directors
File Articles of Incorporation
Draft Bylaws
Develop a Budget
Develop a Record Keeping System
Develop an Accounting System
File for 501C3

We will need to apply for a federal employer identification number and file for state and local tax exemptions Donna will download all of the forms necessary for the IRS and state. Susie will find out about the non-profit mailing permit. Bonnie will contact Cathy Cachu at the Nipomo Chamber to get a copy of their by laws and also check on line with other communities who are in the throws of incorporation to see if we can plagiarize some good ideas for our by laws.

Guy will search on line for some samples of articles of incorporation to use for NICE. The cost for the 501C3 will be a fee of $300.00 with not more then $10,0 00.00 per year in gross receipts. Bonnie will research the fee for the state. In January, 2007, the IRS estimates that there is a current backlog at 7,000 applications with groups wanting non profit status. It used to take about 6-8 weeks and now, the process might take as long as 6 months. We are aiming to be able to have our 501C3 by December of 2007.

Our next meeting date is Thursday, April 12th at 2:30 at Guy Murray’s office.

Adjourned at 3:15 pm

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