Team Commissions Center for Non-Profit Law for 501c3 Creation
After 3 months of research and deliberation, the Row River Fire Response decided to move forward to create a 501(c)(3).
Once we determined that this was the right direction to most benefit our community, the RRFR commissioned the Center for Non-Profit law to help confirm if a 501(c)(3) was the right direction, and, once that was decided, to process the 501(c)(3) with the state of Oregon and the United States Federal government.
The Benefits of becoming a 501(c)(3) is as follows:
- Qualified as a public charity under Internal Revenue Code 501(c)(3) makes the RRFR eligible for federal exemption from payment of corporate income tax.
- As many foundations and government agencies limit their grants to public charities, we become eligible for public and private grants to move forward to meeting the mission we set forth as an organization.
- Establishes a formal structure to place the nonprofit’s mission and structure above the personal interests of individuals associated with it.
- A.) Offers liability protection for the founders, directors, members, and employees are not personally liable for the nonprofit’s debts.
- B.) Requires directors to have a fiduciary responsibility; if they do not perform their jobs in the nonprofit’s best interests, and the nonprofit is harmed, they can be held liable.
Through the Center for No-Profit law, the board is responsible to complete education and training in their capacity of a board, and to abide bylaws that area legally structured into the 501(c)(3).