I can't agree with you on no income, no taxes. If you organization is tax exempt (our fishing club and Civic League are both 501C(4) tax exempt. If the income is less than $25,000.00 you do not have to file a tax return, unless requested by IRS. Income over $25,000.00 is tax exempt also. In addition it is not necessary to have a CPA do your books. In setting up our tax exempt status I worked with an IRS agent in Baltimore. Don Lutz Virginia Beach ----- Original Message ----- From: Frank Slocum <ditto@tctc.com> To: <NJMONMOU-L@rootsweb.com> Sent: Sunday, March 26, 2000 10:43 AM Subject: [NJMONMOU] Tax exempt > Hi; > Suggestions: > Find a low cost tax CPA who will file for the org annually. > The CPA handles the funds. > If you have no income you have no taxes. > At worst you probably could get three years of profit before you would have a liability. But by the time you filed, with the CPA fees there would be no tax liability. > > I have done a college fund when I lived in NJ. > > Frank Slocum > > >