Grace Thru Faith Ministries (GTFM) is a non-profit corporation, tax exempt, 501 (c) (3) Group Exempt organized as a church. The Group Exempt Status allows us to extend our 501 (c) (3) status to those non-profits who wish to affiliate with us. Gifts are tax deductible.
The Process of becoming non-profit, tax exempt is three fold:
(1.) Getting your state non-profit corporation (takes approximately 3-4 weeks.)
(2.) Apply for an EIN (takes a few minutes)
(3.) Two options -
(a.) Affiliate with an existing Group Exempt - This process is immediate. This Affiliation can also go back to the first of the year if you affiliate with us before October of that year.
(b.) Apply for a 501 (c) (3) of your own - IRS charges a fee of $850. This takes prep time - several hours - then about 120 days after mailing for the IRS to get to it and then can take up to a year or more.
How Does the Process Work?
GTFM suggests a one-time donation of $550 plus that cost of the incorporation fee in the state you wish to do business in. - To do all the state non-profit work (check made out to Secretary of State) get the EIN, prepare your Bylaws, prepare your notebook, prepare a bank packet for opening a ministry account, a W-9, Affiliate Resolution, Sales Tax Exemption in your Sate (if applicable), license & ordination if needed and Social Security Tax Exemption Application on Ministry earnings if desired. I (Rebecca) am on your forming Board which allows me to do all the paper work necessary in all areas. Then, any questions you have, I'm yours for life. Because GTFM was formed in the 1970's and Group Exempted in the 1980's and is a church, we nor our affiliates have to file a 990. The only report I have to send the IRS by October 1st of every year is a list of our affiliates-name, physical address and EIN.