I am trying to do some research on the non-profit status for our Homeschool group and cannot find a clear answer. We are trying to see if we have hit the $5000 gross receipts limit.
Would money that individual members write to the group, so that the group can write one check to an organization, for instance a field trip, be considered in the gross receipts?
All money that comes in, even if it goes out almost right away like for a field trip, is considered gross income.
Not difficult to get over that $5,000 limit, is it?
To help in your research you might want to read my e-book Tax Exempt 501c3 Status for Homeschool Organizations.
You can find it on my website www.HomeschoolCPA.com/Books.html
Best of success to you,
Carol Topp, CPA