I notice that after a generous 3rd donation, we are now at $100. If we include Rocket's pledged $20, that's $120. I intend to make a donation afer I get paid on the 18th of December. So in the next fortnight or so we are probably going to get to around the $150 mark.
This website sells a service whereby they do most of the work in setting up a non-profit in Delaware for you. I'm not suggesting we actually use them, because frankly their site gives me a kind of seedy vibe (open question: can someone find a deal like this from a place that looks a bit more legit?), but my point is that their charge for this service is $118. Assuming that they are making a profit, the actual cost of doing everything that is necessary to set up a on-profit must be less than this, which means we are now either at or extremely close to the point where we have enough money to buy a PO Box and incorporate with it, which would be a huge step. We could then get a CSTART bank account and use a PayPal account linked to that to solicit donations for the extra money needed for 501(c)(3).
Since this is now within our grasp, I think we owe it to the people who are giving us money to forge ahead with this work, even if it isn't as fun or exciting as talking about hybrid rocket engines (not to say we should stop talking about those for now, but we shouldn't focus on them to the exclusion of the legal side of things).
I think the biggest things we should be focusing on are:
- By laws.
- Deciding who is going to be on the board
because this effort is a non-starter without those sorted out. The board thing is perhaps the trickiest. For one thing we don't have many people, and some of the people we do have may not want to make the commitment of being on the board.
The By laws feel a bit easier and we should probably start discussing them more. Note that there is already a thread for this, so take ideas or questions there rather than here.