From OHM Space Corporation
- 1023 Revision 8 - Uploaded 2:39 PM 05-05-2012
- 1023 Attachments Revision 9 - Uploaded 2:39 PM 05-05-2012
- Financial Assumptions Used In Projections Revision 4 - Uploaded 3:05 PM 05-05-2012
- 2011 Invetory of Assets Revision 1 - Uploaded 2:50 PM 05-05-2012
Important Commitments Stated in 1023
- Part V(1a) - None of our officiers are being paid
- Part V(1b) - We consider people making over $50,000/year to be "highest compensated" employees and contractors. We do not plan to have any.
- Part V (4a-c) - We are committed to voting and documenting all compensation agreements!
- Part V (4d) - We must record in writing how each person voted on a compensation agreement
- Part V (4e) - We will base payments on "similarly situated taxable or tax-exempt organizations for similar services, current compensation surveys compiled by independent firms, or actual written offers from similarly situated organizations"
- Part V (6a) - We will share class revenue with teachers at the rate of 2/3 to the teacher, 1/3 to OHM Space. They are encouraged to donate more.
- Part V (7a) - We will not be purchasing things from our officers, directors, trustees or higher compensated employees or contractors. If we do need to pay someone for a good or service we must document the process to make sure it is "at arm's length" and "at a fair market price".
- Part V (7b) - We will not sell any special goods, services or assets to our trustees, officiers, directors or employees. They can purchase things also offered to the general group.
- Part V (8a-f) - We can receive loans from the leadership and employees. These will be zero interest loans and subjet to the terms described in attachment section "Part V (8a-f)".
- Part VIII (1-2) - We will not influence legislation or support or oppose political candidates. I think there may be som exception when legislation directly effects our ability to meet our non-profit purpose. We need to research this before we act though.
- Part VIII (3) - We will not participate in BINGO or other gambling :)
- Part VIII (4b) - We will not enter into arrangements for others to raise funds for us.
- Part VIII (4c) - We can fundraise for other organizations on special occasions, but, this must be approved by a vote of the board.
- Part VIII (8) - We will not enter into Joint Ventures in which we "share profits and losses with partners other than section 501(c)(3) organizations". This includes our interactions with Label. We will not share profits and risks, although, they may make normal donations with no special treatment.
- Part VIII (9a) - We DO NOT provide child care services!
- Part VIII (10) - We do not take ownership in intellectual property produced by our members, however, we may freely distribute it with member permission.
- Part VIII (11) - We may accept vehicles form time to time for special projects such as robotics and alternative fuel conversion. These will be treated as normal non-cash donations.
- Part VIII (13-14) - We will not being making grants, loans or distributions to other organizations, however, we may help with fundraising for other groups.
- Part VIII (15) - Label was founded around the time of OHM Space by Dylan Mackey, an OHM Space co-founder. We may provide volunteers to help at Label events, but, there will never be payments to or from Label. Label may make donations from time to time with no special treatment. If we someday sublease to a cafe or retail space, the lease money they pay will be listed as non-exempt income. The financial dealings will be limited to these payments and voluntary contributions to OHM Space. Businesses that take advantage of subleasing with OHM Space must comply with our conflict of interest policy.
- Part XI (A Line 3) - We do not plan to make significant money from investments during the next 1.5 years. However, we may try to establish a endowment that will result in disbursements sometime in the next 2-3 years.
- Get Filing Number from IRS
- Send in 990N before 05-15-2012!
- Post approved 1023 with IRS comments to wiki for public inspection
- We won't be doing consignment since it may jeopardize our non-profit status if a member benefits too much finically from OHM Space resources.
- We are assuming that an endowment won't generate more than 1/3 of our income in any one year. This allows us to file under 509(a)(2) which allows us to include membership dues and sales in our public support calculations. We need to take in at least 1/3 of our income in donations, grants and sales related to our nonprofit purpose to maintain our 501c3 status. In bad years we can meet the test with only 10% public support but we have to prove that we were diligently trying to meet the 1/3 amount. See "Public support test" and "Facts and circumstances test" in the IRS documentation for Form 1023.
- We don't expect to take on any more loans, however, if we do there will never be interest or penalties. The loans will be repaid with 10% of whatever money is left over after expenses each month. When multiple loans are out, the 10% is split based on the portion of the total loan balance each lender owns. All new loans must be approved by the board.