The 411 on our 501c3
You may have heard the news – Power Pump Girls, Inc. is now a non-profit – but you may not know what that means in terms of the structure of the organization or our plans for the future. No worries, we’re here to dish!
When we founded Power Pump Girls in 2017, it was simply a passion project that we poured our extra cash into. As entrepreneurs, we knew the PPG brand needed to be a business entity, but we hadn’t flushed out the details of it funding itself. We were literally just riding it out on a wing and a prayer!
After meeting with several mentors and other non-profit directors, we realized PPG had all the makings of a 501c3 and it would be most effective if it was structured as such. So we took (yet another) leap of faith and filed for the tax exemption status. Then we applied for the state conversion to become a non-profit organization. And here we are!
So what exactly is a 501c3 nonprofit? To put it simply, a 501c3 organization is an entity recognized by the IRS and state government to be founded for the purpose of charitable community work. No one “owns” a non-profit, so the organization is exempt from paying income taxes. For that reason, contributions made to the organization for the purpose of fulfilling the agency’s mission are tax-deductible for donors. For more info on non-profits, check out this article.
So now what?
As a non-profit, funding to PPG will directly support our three pillars of service:
Programming (workshops, networking dinner parties, STRIKE conference)
Mentorship (after-school programs, internship opportunities)
Funding (scholarships for students and grants for female-led projects and startups)
That’s right! We have BIG plans for the coming year, all being kicked off with our 2-day conference: STRIKE! We are honored to have had such strong support for our ideas in the first year that we can’t wait to dive in head-first into 2019 with even bigger plans! We are currently forming our board (talk about official biz), writing our by-laws, and drawing up other government documents, so when we’re not talking conference, just know we’re elbow-deep in non-profit ish.
All that said, we are NEW to the non-profit game and are completely OPEN to mentorship and learning for ourselves. If any boss babes out there have experience or contacts within the grant-writing, tax-code complying world of non-profits, please holla at ya girls!
Thanks for being a part of our girl squad – we can’t wait for what’s next.