[OMS_MANAGERS] 501c(3) Costs?

[George Custer]

Hello All,
 
We in Oakridge are hoping to apply (finally) for our own 501C(3) status. We have been operating as a program under a local Community Dev. Corp. and want to be on our own. We are a small organization with a current total budget of less than $10,000. 
 
We plan at this time to use Legal Zoom to do the paperwork. Any comments on this? We know that we'll need general liability insurance. But do we really need the insurance for the officers? I also understand that we'll need an audit each year. By a CPA or can a licensed book keeper do the job?
 
Are there any other annual costs that we will need to consider?
 
Our community and area has around 5,000 people.
 
Thanks for any and all comments/help.
 
George Custer, President
Uptown Business & Revitalization Assoc.
P.O. Box 839 
Oakridge, Oregon  97463
541-225-8484 
 
   		 	   		  
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