We won't hit the end of our advanced ruling period until next summer, but I've looked over the Form you file, Form 8734. It's only 2 pages, and even the instructions are only 3 pages. Basically, the form asks you to document the sources of your income so the IRS can determine if you are really a public charity.
If you're close to the minimum 8 month financial period, you might as well wait to file for a definitive ruling. But if you're months and months away, you might want to go ahead and get your 501c3 with an advanced ruling. Form 1023 is much harder to complete than Form 8734.
I was treasurer when we filed for 501c3, and I put a big notice in the treasurer's folder, in a plastic sleeve, reminding the future treasurer that s/he has to file the 8734 in June 2007. Coincidentally, that'll be ME as here I am treasurer again, 4 1/2 years later. Never expected that!
We chose to go with "advance ruling" based on advice from these boards. I'm assuming that the documentation we will have to provide at the end of the 5-year period should be relatively straightforward. (Can't be worse than filling out the 1023!)
We have been working on Form 1023 and the PTOToday Start-up Guide has been a huge help. But, when we came to Part X Question 6 we were confused. Our Parent group has been in existance for many years, but we have only just recently filed with the state to incorporate (hope to hear back soon). Do we have to apply for an "advanced" ruling instead of a "definitive" ruling now? If so, how diificult is the form we'll receive in 5 years be to fill out - we won't be around to help then!! Our Fiscal year ends in June.
So, since we'll have less than 8 months of financial records from our incorporation date should we file for advanced ruling or just delay our application to the IRS for 8 months?? Just when we thought we were almost done, this issue pops up - we had never heard of it before!
