Teen Feed is a 501(c)(3) non-profit organization, which receives no federal, st

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Teen Feed is a 501(c)(3) non-profit organization, which receives no federal,
st

Teen Feed is a 501(c)(3) non-profit organization, which receives no federal,
state, county or city money. It is grass-roots and donor-supported.
Mission: Teen Feed works with the community to offer support to meet basic
needs, build strong relationships, and ally with homeless youth as they meet
their future off the streets.
FY24 Budget
Note from Janine: Yearly Budget is $1,707,547, including “In-Kind Contra” donations
(cost center 8800) of basic needs, space, and volunteer labor, which makes up over half
of our actual expenditures. The hard cash is mostly spent on salaries. We haven’t raised
yet the “Capacity Funding” line. Each year we submit a deficit budget. We are happy to
share an expanded version of the budget with a standard Nondisclosure agreement when
it’s needed.
Retirement benefits
Current
Teen Feed’s yearly income is fully based on donations and grants, which they may or may not
get when applied for. They generate no real income outside of donations and grants. They
estimate that they can spend a total of $5,000 ($1,000 per employee) for matching contributions
to full-time employees’ retirement plans.
Questions
Feed Teen want to start offering a retirement plan for its full-time employees. They would like to
see comparison among different retirement plans (401(k) vs 403(b); ROTH vs Traditional;
SIMPLE, SEP, etc.). In particular, what are the different retirement plan options and associated
obligations and management costs? What is the best retirement plan for Teen Feed given its size
and requirements? Which third-party plan administrator for their retirement plan would you
recommend?
Requirements
 The plan allows Teen Feed to serve only full-time staff.
 The plan should protect Teen Feed if it cannot donate at the end of a year (in case the
money budgeted does not come in).
 The plan allows employees to contribute to the plan irrespective of Teen Feed’s
contribution.
 The plan administrator, which can be a small organization, must be affordable and
friendly with customer service (coach) that can help plan participants make the right
choices.
Please only do the research and details on ROTH IRA for teen feed because that is my part. A sample on the simple IRA format is attached( teen feed retirement plan docx file). you can continue writing below the paragraph in attached docx file. Be sure to consider what the plan entails, pros/cons for teen feed, management cost/cost for teen feed etc. The fiscal year 24 budge for teen feed is also attached(FY_24 budget teen feed pdf file). Thoroughly scrutinize the budget to fully understand their financial situation. Finally, remember to provide and reference your sources.
Getting Started Resources
Plan feature comparison: https://www.irs.gov/pub/irs-pdf/p4484.pdf

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