Impact100 strongly encourages Impact100 chapters to form their own nonprofit. Filing for nonprofit status is rather straightforward and inexpensive to do. Establishing an independent 501(c)3 in your community allows you to fully live out all aspects of the Impact100 Model.
One justification we hear often is that forming under the community foundation is faster and less expensive for a start-up chapter. Although that may be true, here?s the reality:
Yes, with a Donor Advised Fund (DAF) you have tax-exempt status immediately, however, once you receive your 501(c)3, your exempt status is retroactive to the date of filing. Most Impact100 groups recruit a CPA or attorney for the founding board?and they typically file your paperwork pro bono.