Form 1023 requires a three-year projected budget. What approach should be used to prepare one?
Tia wrote to NONPROFIT in January 1999: I have been working on our budget off and on for four months to file with our Form 1023 for 501(c)(3) status and still can’t figure out how people can predict what to put on a budget one and two years in advance. Sandy Deja (exempts@aol.com) responded to this question on January 11, 1999: Tia asked how to create a 3 year budget in advance (for her IRS Form 1023 – Exemption Application). I teach a class offered by the Seattle IRS Taxpayer Education office on how to fill out Form 1023. This is a VERY common question. The suggested approach is a good one. Set your goals, figure out how much it will cost to accomplish your goals, figure out how you’ll raise the money you need. The problem can also be approached from the other end – how much money do you think you can raise? As an example, if you plan to charge membership dues, how many potential members are there, what percentage of these people are likely to actually become members, what amount of d
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- Form 1023 requires a three-year projected budget. What approach should be used to prepare one?
