Gerhardt
En-Route
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- Aug 20, 2006
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Gerhardt
First, I thought he was being fairly helpful to you. But also, I thought you said...
Airplane Raffle
- Thread starter tlrussell
- Start date
First, I thought he was being fairly helpful to you. But also, I thought you said...
tlrussell
Pre-takeoff checklist
True I just can't stand that guy. Thankfully he's gone.
mkosmo
Pattern Altitude
C'mon. There's a whole thread about this, why stink up this thread with another branch of it?
tlrussell
Pre-takeoff checklist
true, thank you.
Thomas R.
Pre-Flight
Because its true. I own an aviation related 501 c 3. the IRS looked very closely at what I was trying to accomplish. Oh and you're not donating anything yourself to your own charity and expecting a write off for anything. Understand the planes must be appraised, the sale must happen within a certain time period then from that sale price you get a write off "if you were a regular donor" now since you own it as far as my understanding you're "asking for it" from donating a large ticket item. These are words from my tax atty. I own several business and I have to be careful what each one and what amount each dontates to my 501 c 3.
It's not a walk in the park, You will find it is very difficult to find people willing to donate an aircraft when you are "new" and no one knows who you are.
I also think you have flaws in your mission. You can't have a charity to benefit another charity. I am pretty sure you will find that in your paperwork when you apply for 501 c 3 status. You will get a rejection based on that alone. There's $1000 down the drain by the way.
We have had a few donations over the years but I am tied into a great crowd with amazing fundraising functions. That being said all aircraft we have gotten needed tens of thousands to get up to par. I am also an A&P so that helps some but still. Nothing is free.
Not trying to discourage you, but know it's not as easy as you think. I was semi retired at 26 years old and it took significant amounts of time to get going. Luckily I had the benefit of lots of free time to deal with it. Just looking at another charity's 990's tell's you next to nothing. Mind you the ones you looked at are huge non profits.
Good luck =) You have a little modifying to do of your plane but it can surely be done. There's some half assed 501's running around that do fairly well. I bet you can do it better. Cut the "profit" out of your first post, that undermines the whole thing.
-Thomas
Last edited:
aggie06
Line Up and Wait
I don't know if that's true. It's a lot easier to have a charity that gives to another 501(c)(3) than have to document how the person or organization receiving something is qualified. I'm a CPA and am on the board of my own charity (even sign the 990) so I may have a decent understanding in this subject.
Another option, albeit much more work, is a private foundation. Don't recommend if you haven't had some in depth discussions about it with your CPA.
Thomas R.
Pre-Flight
Interesting, when I set mine up they told me to stay away from being a charity that gives to another charity to avoid issues. Fortunately for me my cause was good enough from the get go that I didn't have any issues. Thanks for the clarification here. Now I'm curious if he (my guy) was just trying to be able to bill me more when we set mine up...who kmows.
