Edgar Kay CPA Cfp MSW in Durham, NC

Pat Shane asked a question

Kay,

Hey! Hope this finds you doing well.

I’m in a bind and need some direction from you if you’re able. I am the Executive Director (volunteer!) of the NC Science Leadership Association. Back in ~1994 we attained non-profit status. For some reason I have yet to discern, we checked on our status in 2005 & had it confirmed. Some time after that, likely around 2008 or 2009, our 990 was not submitted by our Treasurer, and the non-profit status was rescinded. I only found this out rather by accident recently and am not trying to put pieces together to figure out how to proceed so that status can be reinstated. This is critical to our existence…our major program funder requires we be a non-profit. In addition, our sponsors have all been told we are a 501 (c) (3(, and they may likely to pull out as well. We cannot function without this external support. Hence, it is critical that this issue be resolved and the status reinstated.

I have essentially no expertise in this arena. I’m willing to do leg work, but I believe the association needs someone who is knowledgeable to assist this. One problem adding to this is that we have little money. We do have ~$85,000 in grant money, but it’s specified for our leadership program and can’t be used for hiring someone to assist us.

So, I am wondering if you can assist me. I need to find someone with expertise in the area of IRS-related matters & non-profits AND it needs to be as fiscally reasonable as possible. The fellow who did our taxes charges $270/hour (but has given us a cut rate of $135/hr), and I imagine this has the potential for 50-100 hours of work. We simply can’t afford that. Can you provide any direction, suggestions, advice on this matter?

Many thanks.
Pat


Pat Shane
1289 N. Fordham Blvd., #266
Chapel Hill, NC 27514-6110
(h) 919.942.7586
(m) 919.201.1981