MissionWings is pursuing incorporation as a 501c3 non-profit organization. We plan to have this process complete by the fall of this year.
What are the Benefits?
Being recognized by the IRS as a 501c3 organization is important for MissionWings as well as those who give to our causes. It will give important tax breaks allowing more money for our projects and operations. Donors will be able to take deductions on their taxes because of what they giving. Having non-profit status will also open doors for us to apply for grants and other funding opportunities.
What are the Cons?
Although the benefits outweigh the cons, we need to be aware that not everything about being a non-profit is positive. It requires careful attention to record keeping and avoiding perceived and real conflicts of interest. The IRS has higher expectations of non-profits and closely monitors their operations.
What we must do as a Non-Profit.
Because of the greater scrutiny given by the IRS to non-profits, we must be transparent on where our money goes and keep accurate ledgers and book-keeping. Although this extra scrutiny may seem like a negative aspect, when properly executed, it builds trust with the greater public and improves their perception of us.
The cost of gaining non-profit status is rather expensive. You can help us with this expense HERE.
Keep watch for updates on our 501c3 status.