“I think we’re all really excited, and we’re all really committed to being a nonprofit and everything that goes along with that,” Janda said.
As part of the effort to justify their petition for tax-exempt status, The Meantime will present its articles of incorporation, bylaws and financial projections to the United States Internal Revenue Service. The Meantime board of directors is hoping to submit the application in the next two to three weeks and may wait up to six months to receive a decision, pending an approval.
“We believe that, as an organization, we should be federally tax-exempt," said Lauren Eaves, chairperson of the board and co-founder of the organization. "Because to those 50 students so far and hopefully many, many more, we are offering an opportunity not only to gain employment on campus, but to gain employment within an organization that you have say in and that you can gain hands-on entrepreneurship and experiential education in."
In order to streamline accounting processes for their financial department, The Meantime stopped accepting cash as payment beginning Jan. 29. The Meantime now relies on electronic forms of payment, including Apple Pay, Google Wallet and most credit cards. This change helps The Meantime with their application by making documentation easier.
If approved, this tax-exempt status will allow The Meantime to invest more of its profits in potentially expanding the shop, either at its current location or to other locations. But Eaves said neither the customer nor employee experience at The Meantime will change if the organization achieves 501(c)(3) status.
“It’s not going to change what Carolina experiences on the front end of things,” Eaves said. “It just changes how we manage our finances, how much we donate, when we donate, and who we can donate to."
Patty Matos, the chief marketing officer for The Meantime, said that at only a year and a half old, the organization has accomplished remarkable things within the Carolina community and hopes to expand these opportunities.
"Even before we sold our first cup of coffee this was a project in the works for Lauren, Keegan and Scott, who were the three co-founders for The Meantime," Matos said. "I think in the near future you can expect The Meantime to keep actively looking for ways to work with the community."