Thanks in Advance for your input.
This IS intended to be a legitimate exempt organization, right?
So, when you file all the documents, they will include a budget and projection for the next several years. Spell out that it will take you 2-3 years to build the foundation for this slowly, and what you will be doing with the organization during that time.
Once accepted, you won`t need to file information reports with IRS for the first 5 years if donations (including your costs) are less than $25,000 per year.
And if you do need resources and help, you`ll find it in TaxMama`s Non-Profit Resource area http://www.taxmama.com/resources/npo.html
What will you be doing?
P.S. Vote for me.
Yes I am going to apply for 501 3c status and everything. I am starting a non profit foundation that gives scholarships to disadvantaged high school students for college. As well as mentorship programs, help with college planning, financial aid seminars, career planning, etc.
Thank you for the advice tax mama.
poindexter...have you checked out your competition in the non-profit sector, what other non-profits out there are already doing this same thing? I just started a non-profit myself and one of the biggest things I see is that there are TONS of non-profits starting...and very little funding to go around. Maybe, since you aren`t not ready to put the full 100% into it at this point, your time might be better spent volunteering or even working part-time with an organization who is already established. This not only gives you experience in the non-profit sector, but also allows you to see what others are doing. Also, it might allow you the opportunity to work for/with a non-profit that is already established instead of starting a new one. It would save you tons of money...and time...and frustrations!
If you are determined to start your own (which is admirable)...I would still suggest taking some time to work for a similar organization via voluteer work or some other way. It is really valuable experience before you go full time with your own venture. It will give you the base that you need to make sure you do your own the best it can be done!
Best of luck to you...I love what you are doing...I think students need all the help they can get.