Comments

Comment below about coundatiobs and you only have to paY out only 5% of your foundation income. Wrongo!!! It is mu h more. Complicated than that. You must only pay out a maximum of 5% of the total value of the Foundation, no you income. Jrez. You could have 10,000,000 in shelyeted assets, ehi h is exactly what a foundation does, it shelters assets. YOU must give away and substantiate what good it has done by donating 5% of the entire VALUE to a charity, Yeah, 5% of $1,000,000 is $50,000. Heck you could have had $15,000 in income. That won't cover grants and salaries and rent would it. Plus,part of that 5% includes salaries, office supplies, legal, accounting, repairs copiers, pens, computers telephone bill, cellphone, elec, rent, Insurance, toilet paper,investment manahement fees, so...often all the expenses eat up that 5% So, kind of hard to run a 501(c) (3) on that and last very long. You simply cannot get volunteers to come in for free to answer phones, bookkeeping, stkmkt