I am aware of the exhibits or attachments required of the form. I have written attachments for each section that calls for descriptions and policies.
With the scholarship section, Schedule H, I want to ensure that I am providing valid and complete information about the scholarships. Because I am the CEO and lead teacher, and I will determine acceptance of scholarship, I am seeking advice on specific detail/wording the IRS requires for approval. The scholarship process is insular but I feel, legitimate.
Thank you for the detail in your last response. Can you give an example of a policy for payment of professional fees? As it stands now, I would write a check to myself for teaching services. The invoice would include the classes taught (days, times, attendees) for a certain periods of time. Do I need to have the Board review each check, approve each check or simply review financial activity on a quarterly basis?
To demonstrate that no profit is made, do provide a sample of funds allocated to individuals for scholarship, list expenses, amount paid to me and any remaining balance kept in the bank account for future expenses?