501(c)3 for Churches: Benefits vs. Disadvantages
Вставка
- Опубліковано 21 лип 2024
- “Should my church apply for 501(c)3 status?” “What’s the benefit of tax-exempt status for churches?”
We’re diving deep into why churches get 501(c)3 status, why some churches don’t, and what’s best for YOUR church.
0:00 - Intro
0:40 - What is 501(c)3 Status?
2:10 - How to Obtain 501(c)3 Status
4:03 - The Disadvantages of 501(c)3 Status for Churches
7:00 - The Advantages of 501(c)3 Status for Churches
10:58 - Do Churches Need to File for 501(c)3 Status?
12:15 - Conclusion
Links👇
Benefits and Disadvantages of 501c3 Status for Churches:
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Our church recently filed. Our own experience is definitely more than a few weeks. The application response said not to contact the IRS for status for at least six months. An attorney, who does a lot of these applications, said it normally takes 9 months to a year. Not a quick process but we agreed it is worth it for us, even with the $600 fee.
Congratulations, you’re now owned by the State and you MUST bow down to them. You signed your freedom over for money you wicked greedy fool
501 C3 Status usually takes 3 months to 12 months for approval not weeks.
Thanks for the correction!
There is also an option for Denominations or Church Associations of a Group Exemption. Our Association (GARBC) confers its 501(c)3 to each of its associating churches.
Our church has 501(c)3 status. Can we rent out our fellowship hall under the 501(c)3 rules.
Hi @todschattgen5527!
The answer is: It depends...
It's possible for a church to rent their space without threatening their tax-exempt status. However, it's best to consult a lawyer before leasing your space. They can make sure you take the right steps to protect yourself.
So, tax exempt and 5o1c3 is two separate things?