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Question:
I would like to know if you have to prepare a schedule when preparing a sample budget of 3 years for the IRS to get your 501(c) (3).
Answer:

Hi Gennise,
 
Welcome to the Community Tool Box (CTB) and Ask an Advisor, we value your visit and question regarding applying for 501 (c) (3) status, a monumental and crucial step in the life of a fledgling organization. Well, first let me say that this is not my area of expertise, but I do know that the IRS 501(c)(3) application requires a preliminary three-year budget, but knows that you do not have a crystal ball, but they expect every nonprofit organization to have a plan to carry out their charitable mission and a budget designed carry out the plan. So, first I looked through the CTB to see if we have anything that might hit the mark and then I did a little digging (a Google search) and came up with a number of links that I'm pretty sure will prove useful. The resources we have here in the CTB don't exactly answer your question directly, but it's important information to at least look through as you go through the application process. The web sites I found for you will answer your question, but you'll have to do a little searching to find out what you need to know (my guess is, yes, you need to prepare a schedule).
 
From the CTB: if you start on our home page and follow this path by first clicking on the Learn A Skill button and then proceed as follows - Table of Contents » Generating, Managing, and Sustaining Financial Resources » Chapter 43. Managing Finances » Section 4. Understanding Nonprofit Status and Tax Exemption » Main Section. Likewise, begin on our home page, again click on the Learn A Skill button and proceed as follows - Table of Contents » Generating, Managing, and Sustaining Financial Resources » Chapter 43. Managing Finances » Section 4. Understanding Nonprofit Status and Tax Exemption » Examples
 
The links I found are as follows:
 http://501c3book.org/Sample_Budget.html
 
http://501c3book.org/uploads/Instructions_for_Preparing_Financial_Data_f...
 
http://www.form1023help.com/id13.html
 
https://www.irs.gov/publications/p557/ch01.html
 
Okay Gennise, I hope this information helps; all apologies that this is not an area of expertise. Again, thank you for visiting us at the CTB and for your great question about preparing your sample budget as part of your application for 505 (c) (3) status, we hope you get it! Take care, be well, do good work.
 
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Question Date: Lun, 06/06/2016