Requirements
2. Basic Requirements
Image by Matthew Henry
1) Not-For-Profit, Charitable Organization
- In order to become a 501(c)(3), your Neighborhood Association must be considered a not-for-profit, charitable organization. According to IRS standards, your Neighborhood Association qualifies if you work toward "lessening the burdens of government; lessening neighborhood tensions...and combating community deterioration and juvenile delinquency".1
- If your Neighborhood Association does not have an established mission statement, this is a great opportunity to create one.
2) Application
- There are two forms which must be filled out in order to apply, the SS-4 Form and 1023 Form (which will be discussed later)
3) Record Keeping
- 501(c)(3)s are required to keep books and records detailing all activities, both financial and nonfinancial. A detailed outline of requirements will be discussed later.
4) Annual Information
- 501(c)(3)s are required to file an annual information return - a Form 990
- This form is due by May 15th of each year
If your Neighborhood Association meets all these requirements and can continue ongoing compliance, you qualify to apply for 501(c)(3) status!