Formation — IRS Recognition¶
The Guild seeks recognition under IRC §501©(6) as a business league.
Quick facts¶
| Item | Value |
|---|---|
| Form | Form 1024 |
| Filing method | Electronic via Pay.gov |
| User fee | $600 |
| Recognition optional? | Yes — but recommended; the determination letter resolves donor, sponsor, and bank questions |
| Deadline for retroactive effect | Within 27 months of formation |
| Annual return | Form 990 / 990-EZ / 990-N (15th day of 5th month after fiscal year end) |
Key links¶
- IRS — Business Leagues (501©(6))
- IRS — About Form 1024
- IRS — Exemption Application User Fee
- Nonprofit Accounting Basics — 501©(6) Trade Associations
Form 1024 narrative — required attachments¶
Form 1024 will require detailed narrative descriptions of:
- Past, present, and planned activities
- Sources of financial support and fundraising
- Membership classes and qualification criteria
- Compensation arrangements
- Conflict of interest policy
- Lobbying and political activity (if any)
Drafts of these narratives belong in this folder before submission.
What goes here¶
- Form 1024 draft narratives
- Final filed Form 1024 (PDF)
- IRS correspondence
- IRS Determination Letter (when received)
- Annual Form 990 filings