We just signed paperwork with ACOT that makes us an official sponsored project. Which by the laws of transferrence enables us to operate as a nonprofit. (The general consensus is that we're going to apply for our own 501 (c) (3) status, but that's going to take time.)
This means that we'll have certain responsibilites and opportunities:
1) By the week's end we'll have a bank account at Prosperity bank (where ACOT does it's banking) which will enable us to handle cash flow and accept checks in AIC's name.
2) We can apply for city funding (deadline is June 1).
3) We can sell tickets online at the new ticket sales program that ACOT is debuting later this month.
4) All of our earned income (ticket sales, private gigs, profit from classes, etc.) is 100% ours. ACOT takes 10% off of all unearned income (tax-deductable donations, grants, etc.).
5) We need to start organizing ourselves as a nonprofit (which we should be doing to apply for official non-profit status anyway).
6) We have to provide an annual report to ACOT with a general description of activities and finances.
7) ACOT offers us assistance with marketing and fundraising info.
Yay! We're a Nonprofit!
Anything about the AIC itself.
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- Evilpandabear Offline
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