Setting Up An Airport Trust Fund?

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"

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

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"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"

"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

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

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)

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