Bylaw Review for Eureka Springs, AR, and West Memphis, AR
We often help downtown organizations to review and update their bylaws either because they are old and out of date, or because the organization wants to change particular bylaw practices that make no sense anymore. The COVID pandemic and its aftermath made the Eureka Springs Main Street board reconsider its bylaws. We worked closely with the longstanding Executive Director, Jacqueline Wolgan, to bring them up to date.
West Memphis, AR’s long-standing Main Street program wanted to change its tax designation a 501(c)(6) business association, to the more favorable 501(c)(3) tax status which would permit it to apply for grants from foundations and accept tax exempt donations from individuals. We recommended that this organization create a new 501(c)(3) corporation, a “Friends of” organization, to work in concert with their existing organization. A careful review of fees and timing made it clear that the cost to create this new “Friends of” organization was ultimately going to be less expensive than converting the existing organization into a public charity. We provided forms and new bylaws for them to begin this work. Do you need to incorporate a new “Friends of” organization? We are happy to talk you through the benefits and costs.