My suggestions for setting up something like this would be to establish a 501 (c)3 as a non profit. Donations can be tax deductible which is a plus for someone wanting to donate a large sum of money. The application process can be a bit hard but not undo able, about 70% of the applications approved are written by non professionals. You can also hire someone which is about a $1000 plus the cost of the application. With that you have to have a board and have meetings and minutes. It can be set up to meet whatever time period you want. It just holds the program to be accountable. You also need to file forms with the IRS but it's not hard. You can also purchase things tax free, but if you are selling things then you need to collect sales tax and send it in. But it's not hard.
In my opinion I would not use a raffle or a contest to award money to people. I would have a panel of people review applications and make decisions based on need. This would have to be included in 501 (c) 3 application under scholarships.
It sounds difficult but I did it so it was just time consuming and then record keeping. I'm sure there are many people who have some expertise in doing this that would help or be members on the board.
My suggestions for setting up something like this would be to establish a 501 (c)3 as a non profit. Donations can be tax deductible which is a plus for someone wanting to donate a large sum of money. The application process can be a bit hard but not undo able, about 70% of the applications approved are written by non professionals. You can also hire someone which is about a $1000 plus the cost of the application. With that you have to have a board and have meetings and minutes. It can be set up to meet whatever time period you want. It just holds the program to be accountable. You also need to file forms with the IRS but it's not hard. You can also purchase things tax free, but if you are selling things then you need to collect sales tax and send it in. But it's not hard.
In my opinion I would not use a raffle or a contest to award money to people. I would have a panel of people review applications and make decisions based on need. This would have to be included in 501 (c) 3 application under scholarships.
It sounds difficult but I did it so it was just time consuming and then record keeping. I'm sure there are many people who have some expertise in doing this that would help or be members on the board.
Great idea though. Very thoughtful of you.