Get the free IRS Form 1023 Narrative - Atch C.doc - msmuseum

The Minnesota Streetcar Museum P. O. Box 14467, University Station Minneapolis, MN 554140467 EIN: 342030631 IRS Form 1023 Application for Recognition of Exemption ATTACHMENT C Part V Item 3a List

How to fill out irs form 1023 narrative

How to fill out IRS Form 1023 Narrative?

1. Start by gathering all the necessary information: Before you begin filling out the IRS Form 1023 Narrative, make sure you have all the required information at hand. This may include details about your organization's structure, purpose, activities, finances, and any other relevant information.
2. Begin with Section I: The first section of the IRS Form 1023 Narrative asks for basic information about your organization, such as its name, address, and Employer Identification Number (EIN). Provide accurate and up-to-date information for each field.
3. Proceed to Section II: In this section, you will provide details about your organization's history and background. Outline how your organization was formed, its mission, objectives, and any accomplishments. Be concise but comprehensive when describing your organization's purpose and how it serves the community.
4. Fill out Section III: This section focuses on your organization's planned activities and programs. Explain in detail the specific programs, projects, or services your organization plans to undertake. Provide a clear timeline, goals, and expected outcomes. You should demonstrate how these activities align with your organization's exempt purposes.
5. Address Section IV: Here, you will discuss your organization's fundraising activities. Describe any planned fundraising methods, events, or campaigns. Include information about how the funds raised will be used to further your organization's mission. Transparency is crucial as the IRS needs to ensure that the funds are used for charitable purposes.
6. Complete Section V: This section requires details about any paid employees, volunteers, or independent contractors who will be working for your organization. Provide their roles, responsibilities, and compensation (if applicable). Ensure that your organization is compliant with relevant employment laws.
7. Proceed to Section VI: In this section, you will disclose any relationships your organization has with other entities. This includes subsidiaries, affiliates, joint ventures, or any other arrangements. Provide a clear explanation of these relationships and how they contribute to your organization's exempt purposes.
8. Fill out Section VII: This section deals with your organization's financial data. Provide an overview of your organization's financial history, current financial status, and future projections. Include information such as sources of income, expenses, assets, and liabilities. It's crucial to present accurate and transparent financial information.
9. Address Section VIII: This section requires you to provide details about any lobbying or political activities your organization will engage in. Be sure to understand the IRS guidelines regarding political activity and disclose any lobbying efforts accurately.
10. Finally, review and submit: Before submitting Form 1023 Narrative, thoroughly review the information provided. Double-check for any errors or incomplete sections. Ensure that your narrative aligns with the instructions provided by the IRS. Once you are confident with the accuracy of your responses, submit the form electronically or by mail, following the IRS guidelines.

Who needs IRS Form 1023 Narrative?

Organizations seeking tax-exempt status under Section 501(c)(3) of the Internal Revenue Code need to fill out IRS Form 1023 Narrative. This includes charitable, religious, educational, scientific, and literary organizations, as well as organizations that prevent cruelty to children or animals. The narrative section is an essential part of the application process, where the organization provides a detailed description of its purpose, activities, and future plans to demonstrate its eligibility for tax-exempt status.

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