If you could justify it, yes. Cheshire Law Group will need to advise on that specifically.
The change might be a problem. It would raise some concerns.
Yes, that amount must be approved before our 2022 990 tax filing. Due date is May 13, 2023 and with an extension due November 15, 2023.
From a book keeping perspective, do we have to organize differently the way we operate? Hint : we have a world class treasurer!
Will need to review accounts and ensure they are properly documented.
From a governance perspective, would we have to adjust the board composition, frequency, or can we keep a similar structure?
You can keep the same governance structure. You can also have the same board composition and frequency of meetings.
Given the current environment (IRS) and other examples of 501(c)(3) glider organizations, what do you see as the challenges for us?
The membership dues and how they are being utilized needs to be analyzed. Have membership criteria and accessibility.
Meeting organizational tests and public support tests need to be done as soon as we decide it can be done and voted on. We need to give 30 days notice to the membership.
I don’t see anything in the By-laws about amending our articles of incorporation, what is required?
New Jersey Law (we are incorporated in New Jersey) requires a affirmative vote by 2/3 of our voting members.
Is there a potential benefit (greater flexibility especially in finances) in having a hybrid organization?
There might be as it allows more options. It does create more administrative burden of two entities.
Yes we will need to change the by-laws with their guidance.
We have a scholarship fund and program managed through a different entity. By becoming a charitable, should we merge these entities?
We would need more information to make this decision. Something to consider in the assessment process. Dave Johnson will get Ben more information.
Hard for counsel to say, however audit is so low and is triggered by inconsistencies and reports the IRS receives. There is a fairly low risk of being audited.