Setting Up An Airport Trust Fund?

[Jay Honeck]

A group of us are meeting today to discuss setting up a "Friends of Iowa
City Airport" trust fund as an ancillary to our support group. Voluntary
donations could be made by airport supporters to help off-set the cost of
running our airport.

Our local library has done something similar, and now has over $1 million in
the bank, paying interest every year. It seems like a great way to fund an
under-funded airport.

Anyone here been down that road? Any words of advice before we jump into
the shark-infested waters? :-)
--
Jay Honeck
Iowa City, IA
Pathfinder N56993
www.AlexisParkInn.com
"Your Aviation Destination"

[Jim]

The most dangerous sharks may be the ones that solicit your business of
"managing" the trust fund money.
--
Jim Burns III

Remove "nospam" to reply

"Jay Honeck" > wrote in message
news:mFK_b.381198$I06.4157139@attbi_s01...
> A group of us are meeting today to discuss setting up a "Friends of Iowa
> City Airport" trust fund as an ancillary to our support group. Voluntary
> donations could be made by airport supporters to help off-set the cost of
> running our airport.
>
> Our local library has done something similar, and now has over $1 million
in
> the bank, paying interest every year. It seems like a great way to fund
an
> under-funded airport.
>
> Anyone here been down that road? Any words of advice before we jump into
> the shark-infested waters? :-)
> --
> Jay Honeck
> Iowa City, IA
> Pathfinder N56993
> www.AlexisParkInn.com
> "Your Aviation Destination"
>
>

[Jim Fisher]

"Jay Honeck" > wrote in message

> Anyone here been down that road? Any words of advice before we jump into
> the shark-infested waters? :-)

I'm sure you already thought about this but for what it's worth: Apply for
501 3 (c) "non profit" status so that contributions are tax deductible.

It is a real hassle to apply for and will take about a year to finalize the
deal. It will be worth it of you wish to snag that "big fish" with lots of
money who needs a deduction.

--
Jim Fisher

[TripFarmer]

Jay,

You don't have to wait a year to start taking donations. You can start taking
them immediately. It just takes the IRS a while to approve your Determination
Letter. It shouldn't be a problem. But you will have some filing issues if
you take in over $25,000 in a year (I believe that's the amount). Find someone
who runs a local 501c(3) and ask them or pay an accountant.


Trip


In article >,
says...
>
>"Jay Honeck" > wrote in message
>
>> Anyone here been down that road? Any words of advice before we jump into
>> the shark-infested waters? :-)
>
>I'm sure you already thought about this but for what it's worth: Apply for
>501 3 (c) "non profit" status so that contributions are tax deductible.
>
>It is a real hassle to apply for and will take about a year to finalize the
>deal. It will be worth it of you wish to snag that "big fish" with lots of
>money who needs a deduction.
>
>--
>Jim Fisher
>
>

[Cub Driver]

On Tue, 24 Feb 2004 16:07:46 GMT, "Jay Honeck"
> wrote:

>Anyone here been down that road? Any words of advice before we jump into
>the shark-infested waters? :-)

Consider who will be filing the tax and informational returns. It's
not a job for the weak-hearted (or weak-minded, for that matter).

all the best -- Dan Ford
email: (requires authentication)

see the Warbird's Forum at www.warbirdforum.com
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