| When you finally made the decision to teach your | | | | Find Out Exactly What Being a Non-Profit Really |
| children at home, there were understandably dozens | | | | Means |
| of concerns that raced through your mind. Making sure | | | | I would suggest doing a little reading on the exact |
| that Uncle Sam got his cut of any money you raised | | | | nature of what a non-profit organization truly is. It is |
| to pay for books, materials, trips, or other educational | | | | very easy to say that you would like to become a |
| supplies probably wasn't high on the list of stuff that | | | | non-profit, but it is an entirely more difficult matter to |
| kept you up at night. | | | | actually do it. In fact, there are significant differences |
| However, the reality is that if you ever decide to solicit | | | | between a state-recognized and a federally |
| outside funding for any aspect of your homeschool | | | | designated non-profit group. To gain the highest level |
| enterprise, you may have income to report. | | | | of non-profit status, for instance, requires an application |
| And, as everybody knows, failure to report income is | | | | fee of at least $500 and months of detailed work on |
| well... not encouraged by the Internal Revenue Service. | | | | tax forms and budgets. After you gather all the facts, |
| So, what do you absolutely need to know in order to | | | | you should have a good idea if this is truly the route |
| avoid a difficult situation with the IRS? | | | | you want to pursue. |
| Meet With an Accountant | | | | Visit the Homeschool CPA Online |
| I strongly recommend that you speak with a local | | | | I would read and become very familiar with the blog |
| accountant and explain to him or her what you are | | | | called Homeschool CPA The author of this site is |
| planning to do. And I stress the verb tense here. | | | | Carol Topp, and she is a certified CPA, who has |
| Consult with the accountant beforeTrack Down Your | | | | become an authority in the field of homeschool |
| Local Homeschool Association | | | | fundraising. She answers direct questions online, so you |
| I would reach out to the leadership of the local | | | | can email her with your specific situation, if you like. |
| homeschool network in your area to ask their advice | | | | After reading through her entire site, I highly |
| and learn from their experience. Perhaps they have an | | | | recommend it. |
| established fundraising event themselves, and you | | | | Keep Thorough Records |
| could participate in it. There's no sense in blazing your | | | | When it comes to raising money, I strongly urge you to |
| own trail, if someone else has already cleared a path. | | | | keep excellent records of everything you spend and |
| Ask Detailed Questions of Any Fundraising Company | | | | everything you earn. This will make it much easier if |
| You're Thinking of Using | | | | you ever do have to go back and justify your actions. |
| If you decide to go the route of a product sales | | | | Conclusion |
| fundraiser and you are considering using a professional | | | | You enter into the practice of teaching your own |
| supplier, I would recommend consulting with them | | | | children for very noble reasons. Don't let issues like tax |
| before entering into an official agreement. Perhaps | | | | requirements derail your overall mission. Spend some |
| they have previously dealt with homeschool families | | | | valuable time up front, learning what's required of you |
| before, and they can help guide you through any tax | | | | by the IRS, so you can spend future quality time in |
| implications there might be. | | | | pursuit of academic excellence for your children. |