Should We Start Our Own Nonprofit Organization?
Establish a Fund Through the Calvert Community Foundation and Chesapeake Charities?
Here’s What the Harriet Elizabeth Brown Commemoration Task Force Decided to Do
Do you have a charitable dream – something you would like to do to benefit our community – but you worry about the paperwork, hassle, and cost of setting up a new 501(c)(3) organization?
This was the question the Harriet Elizabeth Brown Commemoration Task Force asked itself as it presented its final recommendations to the County, Governor, and General Assembly. To figure out what to do, the Task Force looked at the pros and cons of both options – a new nonprofit organization versus partnering with the Calvert Community Foundation and Chesapeake Charities.
After reviewing the following comparison, Task Force members unanimously voted to partner with the Calvert Community Foundation and Chesapeake Charities, rather than start a new nonprofit 501(c)(3) organization. Why? Because:
- Donations are equally tax deductible.
- The annual and ongoing costs of the Fund are much less.
- Chesapeake Charities handles the federal and state paperwork, changing rules, and filing deadlines.
- Chesapeake Charities provides regular financial reports, as well as a year-end audit.
The following chart outlines similarities and differences between these two options – setting up a new 501(c)(3) organization versus establishing a fund through Chesapeake Charities and the Calvert Community Foundation. We are sharing it to help others identify the best way to implement their charitable dreams.
[See attached .PDF for chart]