Meeting 2011-09-04

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Meeting on Sunday Sept 4, 2011

Agenda items:

  • Filing paperwork for incorporation, 501c3, our lease, bank account/paypal, general business questions
    • (See email below from Sam brown)
  • Fund-raising and corporate sponsorship -- how to raise money and get started
  • Physical space needs -- now and later, planning ahead, and the current space details
  • Projects, groups, events, and capabilities we want to consider
  • Bylaws -- what bylaws can we borrow from other spaces, who will work on them
  • Dues -- what's fair, how many tiers, starving hacker and students, NYC is expensive, etc.
  • Mission statement -- do we adopt standard mission statement, something unique
  • Meetings -- how, when, where


Jake, Sarah

Committed to being a dues paying member:

Rendall, Dan La ($40), Dan L ($50), Sam ($100), Ananda ($75), Chethan ($50), XO/Rendall ($100), Daniel ($100), Sam ($100),

From Sam Brown on mailing list about nonprofit startup:

My wife recently went through incorporating her non-profit with New York and the federal gov. I asked her for just some pointers for those of us who know nothing about the process. Here's some items she mentioned:

1. You have to incorporate as a Non Profit Entity in New York (like a business would create an LLC, but we are tax exempt)

2. You have to have by-laws written up in order to apply

   a. Guiding rules and laws of the org, e.g. how you are going to vote, how decisions are made
   b. Here's more examples -

3. Certain by-laws must exist to comply with New York and the feds

   a. E.g. min # of board members, how to deal with conflicts of interest
   b. NY's application is here:
   c. More tips from NY's .Gov site on filing for Non-Profit status:

4. Once incorporated, we can fill out the 1023 application, which is the IRS application to receive tax exempt status

   a. IRS's instructions on 1023 -  Careful, there's a lot here.

5. Have the org’s attorney look over the 1023

   a. Once it’s filled out the way the IRS likes it, it can be fast tracked and approved in around 4 months.  
   b. If there are any problems or red flags, it can take 8 months.  But once accepted by the IRS the tax free status is retroactive

6. Some of the first things to decide

   a. Who is on the board
   b. How long can they be on the board?
   c. How will we prevent any one person from taking control of the org, (limit terms, stager board membership)
   d. Etc...

How this helps.