It's Getting Closer...
Updated on November 2, 2021, at 11:50 AM: Changed inaccurate details on the IRS application preparation timeframe.
Looks like it's time to post an update. The busyness of September carried over into October for Wheel Truth. This month started with a trip to Focus on the Family where they recorded a video of my testimony. I was able to share about the many ways God has worked in my life and the progression of my ministry experience that ultimately led to the creation of Wheel Truth Media. As I prepared for that it was really good to reflect on what God has done and consider the future direction of this ministry. I have never been asked to record anything like that, so it was an exciting experience! It is my hope that God will use this video of my testimony for his glory. I'll be sure to share the video once it is available.
The board of directors had their second meeting this month as well. We were able to approve our bylaws and the required conflict of interest statement. It was a rather lengthy and tiring meeting since we had to read through the bylaws section by section to allow for any discussion and find any necessary changes that needed to be made. I think that in itself took about 45 minutes. Overall, a lot of progress was made during that meeting.
I mentioned last month that I would have a phone consultation with Foundation Group towards the end of September. During that consultation they walked me through all the remaining steps of gathering the information they would need to prepare my 501(c)(3) application. That meeting went well, and it was also very helpful. This meant that after my speaking engagement at Focus and this month's board meeting, I had a lot to get done. Here are some of the things I had to get together. I needed to put together job descriptions of the positions I hope to fill in the first three years. Since I am technically hired as the CEO I also had to send in my resume. I had to send them some of my goals and ideas so they can get an idea of what I am planning to do as a nonprofit. There were also some documents that I needed to “sign” to help finalize the application. Sometimes, it is interesting signing documents of this type since I cannot physically sign a document. My mom has my power of attorney so she can help me sign anything that I need to sign. It was fairly easy to accomplish these tasks, but that was not all.
There was one thing that I needed to prepare that was a bit of a doozy. One requirement of the application is an estimated budget that lists the expected expenses and revenues of the first three years of operation. If you think that sounds almost insane, I thought so too. How am I supposed to know what I'm going to make or spend in the first three years? I wasn't sure how to start tackling something like that. After my consultation it sounded a little easier than it first appeared. The Foundation Group told me that I just needed to figure out the operating costs and the things I needed and wanted to purchase over the first three years of ministry. Once I figured that out, I could just base the revenue off of the expected expenses. Still not exactly easy, but once you put it like that it sounds a little less intimidating at least. Thankfully, my mom is a trained account, so she was able to help me put that together and make sure the research I did sounded reasonable. Really, it sounds like the purpose of this is to make sure I have a solid plan and that I've thought through what it is going to take to run a nonprofit from a financial perspective. To complete this step, I had to finish a behemoth of a spreadsheet. I was able to send that in last week, and, after a few minor changes they wanted me to make, they now have everything they need to prepare my 501(c)(3) application form. That preparation should take about a week, so I expect to be able to turn that in next week if all goes well.
UPDATE: After further clarification, it sounds like it might take a few weeks longer than I expected. I guess I misunderstood their communications with me. They will review the information from my form and then in about a week they should start preparing the application. That preparation will take a few weeks and then I'll be able to turn the form into the IRS.
Once the application is turned in it could take as long as six months to hear back from the IRS on the application. It doesn't usually take the full length of time but there is definitely going to be a sizable wait. In the meantime, I hope to start making some content in the next couple of weeks so I can begin to increase the following for this ministry and start experimenting with my video ideas. I'm going to be starting out slowly at first so I can kind of get into a routine and learn what works best before I ramp up the number of videos and additional content. Even though there are still some startup tasks that will need to be done, I am excited to finally get started doing what I've been planning to do through this ministry. Keep a close watch on our social media or this blog to learn details about the start of our content. Right now, it is just something that is coming soon, but I hope to announce the first release in the next week or two.
Even though there is a long wait ahead and I still need to figure out the best time to start videos, I am encouraged by these verses:
“…but they who wait for the Lord shall renew their strength; they shall mount up with wings like eagles; they shall run and not be weary; they shall walk and not faint.” – Isaiah 40:31
“Wait for the Lord; be strong, and let your heart take courage; wait for the Lord!” – Psalm 27:14
“And let us not grow weary of doing good, for in due season we will reap, if we do not give up.” – Galatians 6:9
“Trust in the Lord with all your heart, and do not lean on your own understanding. 6 In all your ways acknowledge him, and he will make straight your paths.” – Proverbs 3:5–6
It's exciting now that I am finally getting close. Up until now, a lot of the work I have been doing has not been very visible other than what I have shared in this blog. Now that I'm about ready to start making videos I need to figure out where to start. As always, I would appreciate your prayers as I near video production. Pray that the timeline I am hoping for works out so I can get started next month. Pray that the word gets out so I can grow this ministry quickly. Pray that when my testimony is shared it makes a difference for the Lord. Pray for the 501(c)(3) application and that there are no problems during the wait. Pray that the IRS approves my nonprofit status quickly so I can start receiving donations sooner rather than later since I cannot even solicit for funding until that goes through and I am registered with the state for charitable donations.
