Radio Broadcasts?

[Joan]

James (Lynnwood, WA Chase Bank branch manager) called back after researching the possibilities to say there are three ways we can set up an account to raise funds for the broadcasting equipment.

Option 1:
Establish a Trust
Establish non-profit status
Get an EIN #
Register with the IRS
Provide a non-profit confirmation letter to donors
Provides a way for donors to write off larger amounts without raising any IRS eyebrows
Per James from Chase: "Kind of an ordeal to set it up."

Option 2:
Establish non-profit status
Establish non-business organization or association status
Get an EIN #
No confirmation letter for donors, but smaller donations not likely to raise IRS attention, anyway
Per James from Chase: "I could have you set up and running in 10 minutes."

Option 3:
Set up a personal account, collect the funds, and run away to Australia
Per James from Chase: "I'm sure you're a trustworthy person."

Discussion:
Option 2 sounds by far like the preferable choice. Advantages are that
I already have an account with Chase Bank.
Anyone with access to a Chase branch bank can walk in, fill out a deposit slip with the account number, and make a donation.
Those without access to a Chase branch bank (sadly, no branches in Australia) can send a check by mail to the designated branch with a request that it be deposited to the account (I'll post the account number once we have it.
A second person (whoever needs to access the funds once they are fully raised) can be signed on as second trustee (easier if done at the same branch, but not necessary).

This is like having a committee meeting, with only myself present.
All in favor, say aye.
Aye!
In a landslide vote of one, the motion has been approved.
Just kidding.

James is holding a 3 pm appointment for me tomorrow, but I dont need to keep it. I told him I want to wait for the okay before doing anything and that if I don't have approval by noon tomorrow, I'll cancel until the week of November 1st (my next opportunity). Soooo, tell me how to proceed, and I will so do.

Thanks guys!
Joan

[Joan]

Steve said,
I know very little about banking, except that I write checks and make deposits regularly.

I don't know if it makes a difference, but The Narrow Path's bank account is already at Chase. We have a 501(c)(3), so I wonder if it would just be a matter of opening another account like the existing one, in which anyone could make deposits?
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Yep; I think the only thing to consider (according to James) is that you probably don't want it to be a savings account, lest create a tax event. I'll check in with James to see what he says about TNP already being a 501(c)(3). Too bad I didnt' think of that of that when I was talking to him.

Ah, it's nearly 6 pm, but he is still at the bank and taking calls. I'm talking with him now. He says that it will be a breeze to clone an account for this purpose.

[Joan]

But of course, we could always go for Option 3.
Laughing,
Joan

[Suzana]

Steve said,

...I don't know if it makes a difference, but The Narrow Path's bank account is already at Chase. We have a 501(c)(3), so I wonder if it would just be a matter of opening another account like the existing one, in which anyone could make deposits?
--------------------
...the only thing to consider (according to James) is that you probably don't want it to be a savings account, lest create a tax event.

...He says that it will be a breeze to clone an account for this purpose. [Joan]

Steve,

Have you decided yet about opening an additional account?

[steve]

I have not...just because I am pretty busy, and am not completely sure about how to move forward. That is why I said it would have to be someone else's doing. The radio station has suggested another option that would not cost money, and that would be to try using Skype for the connection to the studio when I am on the road. I think Skype might work, although my experience in teaching a YWAM class in Sweden (from my home in California), using Skype, involved several "drop-outs" where we lost connection and had to reconnect.

The other option is to use some of my own money from the fund that I normally use when I support other ministries and use it to buy the equipment mentioned previously. That way, it would not depend on getting donors or a special account. If I did so, I could move forward almost immediately. I think I am going to try the Skype thing, and if it is not acceptable, go for the Comrex unit.

Thanks for asking about this, Suzana.

[Joan]

Steve and Suzana,

I'm so glad you brought this up again. It's been weighing on my mind, but I I didn't know how to bring it up again. I thought maybe my bad joke disqualified me from helping out. Nobody laughed, the conversation stopped, and then the long, dread silence.

I'd still be glad to help set up an account, though. Just waiting for the word. Or, if it wouldn't be too complicated, what if those who want to contribute to the cause simply mark "Road to Find Out" on their checks, and send them to TNP? If that wouldn't create a problem at your end, Steve, I think we should just do that.

And I do apologize for my silliness. In such poor taste! sigh...I never WAS good at teasing.
A little bit embarrassed - okay, maybe a lot embarrassed,

Joan

[Suzana]

Oh, Joan, it's too bad that you felt that way! - I for one didn't think anything amiss about your joke at all, and would be surprised if anyone else here did either.
(Mind you, I do know what it feels like when you say something jokingly but others take it the wrong way – I’ve been known to suffer from foot-in-mouth on occasion! ). So I commiserate.

I assume that like me everyone else may have been waiting for Steve to indicate which way to proceed, hence didn't say anything further.

[Suzana]

Steve, that's great that there may be other cheaper options like Skype...my thought would be that if it does have drop-out problems you wouldn't want to wait too long to go to plan B, since a secular audience may not be as understanding or hang around as readily...especially new listeners?

Just a comment...and if you did decide to use your own support fund to buy the Comrex unit, there would be nothing to stop anyone that wanted to, still being able to contribute – perhaps a specially marked donation as suggested previously.

[Joan]

I just hate it when I suddenly realize I'm having fun all by myself, with the whole world looking silently on - and fun in poor taste, no less. Ugh. But thank you, dear Suzana! I feel better.

To the real business of the day: I move we write our checks and send them to Steve. Does it matter if we send more than needed? Any excess can go to air time. I also move that we skip Skype. What you say makes perfect sense, Suzana, and I agree wholeheartedly; It would be better to not tax the patience of those yet unacquainted with the fruit of the Spirit. If they are to be discouraged, let it be with, "Foxes have dens..." rather than with dropped calls. I think we should go straight for the right equipment. May we?

What say ye, Brother Steve? Is there any reason why we cannot begin sending specially marked funds directly to you?

[steve]

Designated gifts always go where they are designated. If people want to contribute specially for the equipment, they can put on their check's "Memo": "For Comrex equipment." It will go there and nowhere else (unless, of course, there is a surplus. When there is that kind of problem, I contact the donor and tell them that the cause for which they donated no longer has additional needs.