Greetings colleagues,
I have an association client who is organized as a 501(c)(6). They now wish to form a complimentary educational foundation organized as a 501(c)(3). They are forming the foundation in order to receive tax-exempt donations which will fund professional development scholarships and pursue foundation funding. Here are some questions which have arisen:
- How are the 2 boards organized? For example, does the C6 board chose some or all of the board members of the C3? Are the 2 boards the exactly the same? Or do you have completely separate boards? What are the pros and cons of each?
- If you formed the C6 first, and then formed the C3, how did you name the C3. Did you use your association name and then "foundation"? Or did you choose a new name? What are the pros and cons of each?
- Does your C3 pursue foundation grants? Does your C3 pursue government contracts? What should we know about before organizing in order to help us be awarded these types of grants and contracts?
We are getting free legal help through the Non-Profit Center of Milwaukee-Nonprofit Legal Clinic. I strongly recommend this resource. Thanks in advance for your help!
Cheers, Julie
------------------------------------------
Julie Stelter
President
Walden Group
www.waldengroup.net Cedarburg WI
(262) 385-1494
-------------------------------------------