Charity

501(c)(3) Foundation

We have experience setting up Foundations and acquiring 501(c)(3) status for professional athletes.  We work with our clients to decide on beneficiaries and a name for their Foundation.  The legal structure and day-to-day operation is then left to Elite Image to manage and operate.  Below are the steps we take to create and operate a Foundation for our clients:

  • Draft bylaws - create board of directors
  • Create legal and financial structure for the Foundation
    • Incorporate in State of Operation
    • Obtain 501(c)(3) Tax-Exempt Status
    • Obtain Income Tax and Sales Tax Exempt Status
    • Register with State Attorney General
  • Set up bank account
  • Develop logo and website
  • Plan out initial fundraising initiatives
  • Develop marketing and social media action plan
  • Obtain general liability insurance
  • Determine action plan for how grants and resources will be dispersed
  • Develop PR program highlighting Foundation's work
  • File Federal and State tax returns
  • Provide end of year giving summaries to donors

Donor Advised Funds

Donor Advised Funds are a simpler and less expensive alternative to Foundations with many of the same benefits.  Donor Advised Funds do not carry upfront or ongoing legal cost but provide the same tax dectable status.