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Message: [QUOTE="businesslawyer, post: 4336133, member: 55"] I believe your first paragraph is describing the requirements for a 501(c)(3) -- a non-profit that, if contributions are made to you, are tax deductible. Forming a non-profit corporation under CT law (which I know something about, but the law in most states I believe is similar) is not nearly so restrictive. You can't have equity owners and any money you make has to be used for the public good, with the State AG being able to require that the money be spent properly. But it doesn't matter how much money an Athletic Department generates or how much it pays it coaches or one day players -- it is part of a university and there is no world in which a not for profit university isn't eligible for 501(c)(3) -- the Athletic Department isn't a pimple on the university's butt. [/QUOTE]