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BOD Succession

M

mnat

Officer Emeritus
Staff member
Moderator
smallbusiness.chron.com

How to Convert Nonprofit to Profit

How to Convert Nonprofit to Profit. A nonprofit organization works hard to get the required tax-exempt approvals from the Internal Revenue Service, which can make relinquishing this status odd to outside eyes. However, converting a nonprofit into a for-pr
smallbusiness.chron.com smallbusiness.chron.com

Here is a quick outline with converting to a for profit. It will also be imperative to have a treasurer going forward or at least someone to file taxes since we didn't owe any in the past. I would highly recommend getting an accountant or attorney who knows 501c3s involved to do this, don't' want to mess this up. Second, figure out where we want to donate the funds we do have now (also how much do we have now?) Third as redfishbluefish said, figure out what are monthly cash flow report looks like and raise some money from members/sponsors to kick it off.
 
M

momof6kids

NJRC Member
I would be leery switching. There was a reason that the club was made a 501c3. I would think that there would be more issues and government involvement if we had to pay taxes.
 
DangerDave

DangerDave

NJRC Member
momof6kids said:
I would be leery switching. There was a reason that the club was made a 501c3. I would think that there would be more issues and government involvement if we had to pay taxes.
Click to expand...
I’m sure there are options. i agree that legal and accounting advise should be sought if the majority of us want to make the change. We need a board, and a board has to have the time and be willing use it. This is a hard sell. It seems like a frustrating job trying to get consensus with the group, then you have to carry out whatever that is even if you disagree. We’ve been fortunate that the current group has done this for us. I’m sure they’d like a break.

Personally I think I like the idea of staying the same, but who knows maybe there’s better options.
 
amado

amado

Dal
Staff member
Board of Directors
NJRC Member
I hate to say this but maybe this format is coming to an end.
Maybe a njreefer face book group is a better way to move forward.
Face book groups are very good. It’s easy to post and sell.
You don’t need a president you can just have a board that watches the Facebook group.
 
DYIguy

DYIguy

NJRC Member
amado said:
I hate to say this but maybe this format is coming to an end.
Maybe a njreefer face book group is a better way to move forward.
Face book groups are very good. It’s easy to post and sell.
You don’t need a president you can just have a board that watches the Facebook group.
Click to expand...
That's a thought, I manage a FB group, but it is private and I have to approve each person who wants to join and I get to remove anything that I don't find acceptable- which is what we would want- there could/can be more than one monitor, and they would set the guidelines. The only problem I see is with the format- here there are links to different things. I'm not sure if that is a possibility with fb- granted, my fb group started on a whim- now has close to 10,000 members globally and I don't do much lol
 
MadReefer

MadReefer

Staff member
NJRC Member
Moderator
amado said:
I hate to say this but maybe this format is coming to an end.
Maybe a njreefer face book group is a better way to move forward.
Face book groups are very good. It’s easy to post and sell.
You don’t need a president you can just have a board that watches the Facebook group.
Click to expand...
I thought FaceBook did not allow the selling of live animals.
 
MadReefer

MadReefer

Staff member
NJRC Member
Moderator
DYIguy said:
That's a thought, I manage a FB group, but it is private and I have to approve each person who wants to join and I get to remove anything that I don't find acceptable- which is what we would want- there could/can be more than one monitor, and they would set the guidelines. The only problem I see is with the format- here there are links to different things. I'm not sure if that is a possibility with fb- granted, my fb group started on a whim- now has close to 10,000 members globally and I don't do much lol
Click to expand...
I monitor our FaceBook page along with some others.
 
DYIguy

DYIguy

NJRC Member
How important is it to sell 'animals'- there are ways around the rules- 'share ' come to mind- Point is, is it feasible to go FB and still keep things about this group/ pages still acceptable to everyone. My experience with fb groups is there is just a simple feed, you have to do a search for anything that hasn't been posted in the last day or so- Am I wrong? is there a way to have multiple pages/links on the home page- excuse my age here
 
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