There seems to be a common misunderstanding particularly in the animal rescue world that operating as a charity or non-profit means you cannot carry a bank balance from year to year and that you cannot make more money on a transaction than your costs were (i.e. you must break even). So let’s set the record straight once and for all. This is a false misconception. When you file the paperwork for your IRS 501(c)(3) designation you have to first be setup as a legal business in your state and have an FEIN (Federal Employee Identification Number). States vary regarding the […] Read more »
