Whats the process for a TBR Institution to form a tax-exempt nonprofit corporation in Tennessee?
In summary, the process is characterized by the following steps: a. Prepare a corporate charter, consistent with the requirements of the Tennessee Nonprofit Corporation Act in general, and specifically Tennessee Code Annotated Section 48-52-102. The charter should also comply with the requirements of the IRS for tax-exemption under Section 501(c)(3) of the Internal Revenue Code. These requirements are explained in IRS Publication 557, “Tax-Exempt Status for Your Organization”. It is necessary that the purposes of the foundation align with the mission of the TBR institution and be approved purposes under Section 501(c)(3). b. Prepare corporate bylaws, per Tennessee Code Annotated Section 48-52-106. c. If the foundation shall be soliciting charitable contributions, a request for exemption from registration with the Tennessee Department of State under the provisions of Tennessee Code Annotated Section 48-101-502 should be prepared. d. Prepare a budget for the first two years of operation
