[Today: rest day, Yesterday: 3.4 miles on Watson Road]<\/p>\n
I downloaded the IRS form 1023 (Application for Recognition of Exemption) and I am slowly making my way through it.\u00a0 I think there are a couple of implications of what I have seen so far:<\/p>\n
1) I don’t think they will be happy with all of the board members being in one family.\u00a0 They don’t come out and say that, but they do ask.\u00a0 Seeing as how the only board members are myself and my wife, that is going to have to change.\u00a0 So we are on the look-out for some outside board members… unpaid, quarterly telephone board meetings… to keep an eye on the funds so that it doesn’t turn into a nepotistic fiefdom (I guess).\u00a0 But that means we will be asking someone else to buy into our project… which we did before through the fundraising I know, but this seems more like a commitment.<\/p>\n
2) They ask a lot of questions about compensation and conflict of interest policies.\u00a0\u00a0 Of which we have none, so far.\u00a0 Mostly because there has not been any compensation nor any interest to be conflicted!\u00a0 But we will need to come up with some of that and put it in the by-laws.<\/p>\n
3) They want to see financials, and if you don’t have any history they want you to make up two years worth of projections.\u00a0 And if your projections show a gross income averaging over $10k per year they will double the “user fee” for processing the application!<\/p>\n
It has been interesting where this project has taken us.\u00a0 And we aren’t even on the air yet!\u00a0 I do pretty well with projects that have a single-person scope.\u00a0 Now I have to go talk someone else into being as crazy about it as I am.\u00a0 Part of the “goal” of this whole exercise, beyond that I think it is a “good thing”, is to get out of my regular path a bit.\u00a0 We are definitely doing that!<\/p>\n","protected":false},"excerpt":{"rendered":"
[Today: rest day, Yesterday: 3.4 miles on Watson Road] I downloaded the IRS form 1023 (Application for Recognition of Exemption) and I am slowly making my way through it.\u00a0 I think there are a couple of implications of what I have seen so far: 1) I don’t think they will be happy with all of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-4235","post","type-post","status-publish","format-standard","hentry","category-classic-book-radio"],"_links":{"self":[{"href":"http:\/\/w0ep.us\/OM\/index.php?rest_route=\/wp\/v2\/posts\/4235","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/w0ep.us\/OM\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/w0ep.us\/OM\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/w0ep.us\/OM\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/w0ep.us\/OM\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4235"}],"version-history":[{"count":1,"href":"http:\/\/w0ep.us\/OM\/index.php?rest_route=\/wp\/v2\/posts\/4235\/revisions"}],"predecessor-version":[{"id":4236,"href":"http:\/\/w0ep.us\/OM\/index.php?rest_route=\/wp\/v2\/posts\/4235\/revisions\/4236"}],"wp:attachment":[{"href":"http:\/\/w0ep.us\/OM\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/w0ep.us\/OM\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4235"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/w0ep.us\/OM\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}