Wednesday, July 9, 2008

Fiscal Status

Last night I met with our new Treasurer, Jeremiah, to work on establishing the YNPN San Diego fiscal status. Because of the generosity of our donors, we have a number of donations coming in and no non-profit status to offer tax deductible receipts. We are even still establishing a checking account.

YNPN San Diego started only three months ago and has already been spreading like wild fire. We have been able to establish a Board of Directors (not legally binding at this time, but will be in the future) to help share some of the responsibilities of starting up the best practices for YNPN San Diego. We hope that you will all be patient as we catch up to the growth that YNPN San Diego has shown.

As of right now we are examining various opportunities to help us set up as a business - a nonprofit business in the long term and simply a business with a checking account in the short term. We are working on this in three different ways:
  1. Establishing an LLC which will allow us to at least open a checking account: This would be a short term solution so that we can then begin to deposit all those generous donations from supporters and effectively track our financials. We hope that you will continue to financial support YNPN San Diego because you all are the people who make this organization possible - cash or in-kind donations are ideal at this time.
  2. Research a potential fiscal agent/sponsor: With the nonprofit sector being saturated by so many nonprofits there is a need collaborate and to reduce the sheer number of 501(c)3 organizations. YNPN San Diego is looking for potential fiscal agents in the San Diego area, particularly those who have served as fiscal agents in the past. If you know of a potential fiscal agent, please contact us at
  3. Submit 501c3 papers for review: This process can take any where from 9 -12 months right now with the IRS. While this is the obvious solution to setting up YNPN San Diego it will take a longer time to establish and does not guarantee us 501c3 status. That is, if our application is denied for some reason, we will be back to square one. We hope that in the long run, YNPN San Diego will become an independent 501(c)3 organization.
The YNPN San Diego financial team is working with other YNPN chapters around the country to advise on their experiences and best practices. If you know of a potential fiscal agent, other valuable resources, or if you would like to help us establish our fiscal status, please contact us at We'd love to hear your thoughts and ideas, so please post them to our blog!

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