Sorry for the lack of updates… Much has been going on in both my professional and personal life, so Library Access Foundation progress has been slow going.
Last month, I took a copy of our Articles of Incorporation and our Tax Identification Number to a bank to establish a checking account for Library Access Foundation. The idea was to have the donations from our GoFundMe campaign deposited to the account. The deposited money would be used to pay the IRS application fee for 501(c)(3) determination.
In a sort of Catch-22, I can’t establish a nonprofit checking account until 501(c)(3) status is established, which means I can’t deposit the GoFundMe money to pay for the application fee. I’ll check with a few other banks to see what their policies are, but I’m assuming they’ll mostly be the same. In the meantime, I may personally pay the fee and wait until the checking account is established to deposit the GoFundMe money and reimburse myself for the fee.
As for that other can of bookworms, the 501(c)(3) application, I’m trying to figure out whether to file 1023-EZ, which is $400, or the full 1023, which is $850. Aside from they crazy ridiculous difference in fees, I must answer this question: “Do you project that your annual gross receipts will exceed $50,000 in any of the next 3 years?”
How on earth am I supposed to guess? The optimist says, “I hope it will, because that would be awesome amazing.” The realist says, “Exactly who do you think will donate that much money? So far, all but one donation has come from people you know personally.” And the silent battle rages on in my mind.
I was trying to find out what type of penalties exist if you make the wrong projection, and fill out 1023-EZ, when you should be filing 1023 long form. So far, I’ve been searching in all the wrong places, because I haven’t found a straight answer yet. Sadly, my current inability to find this information is making me feel like a librarian failure. Librarians are supposed to know how to find anything, right?
I’m going to blame my information-seeking fail on my lack of sleep, minimal caffeine intake, and general overall stress level.
On a positive note, the life of the Wayne County Braille and Talking Book Library has been extended until at least June 30, which means that my previous post wasn’t quite so bittersweet. Hopefully, there will be more positive updates in the future.
Our Board of Directors had its official first meeting. Once meeting minutes are approved at our next as-yet-unscheduled meeting, they will be posted.
As for future news updates, I’m going to post once or twice a month. THANKS FOR YOUR SUPPORT!