I there a way for donors to my Napel greenhouse project (I have not created a non profit yet) to get a tax donation for this project?
Country/State/Province of question: Nepal and USA
Looked online. Didn't find the answer. Thought we could join some kind of umbrella group for non profits that we could use temporarily. No luck. Have any ideas?
My understanding is that you would need to set it up as a non-profit (filing a form 1023 with the IRS) to have individuals or corporations have a tax-deductible donation that can be itemized. However, you could receive sponsorships from businesses that could deduct valid business expenses from profits. You could recognize them as sponsors in a newsletter or on a website, for example. The annual form 990 for non-profits that are not churches is a lot of hassle, as is the form 1023. Receiving sponsorships from businesses (or even individuals who do not itemize there deductions) produces the same effect for the donor as if they donated to a non-profit.
CFO of independent oil company; volunteer CFO of non-profit; former financial statement auditor