If you aren't accredited and you are investing in a company, a lot of times you are doing them a disservice. Have you read up on the consequences of taking on non-accredited investors?

I'd love to be an angel investor, too-- but if you can't pass that particular test, you really shouldn't be in the game.

And, honestly-- $5k isn't worth the cost of the legal paperwork necessary to take you on as an investor.

If you want to be in the game, try to get an advisor role with a tiny sliver of stock.

Do you have to file some paperwork to be officially accredited, or is simply meeting the wealth or income criteria sufficient?

The precise definition is at http://www.sec.gov/answers/accred.htm

Either you are, or you are not. There is no paperwork or exam (is that constitutional to seggregate based on wealth?)

For most individuals, the requirement is:

a natural person with income exceeding $200,000 in each of the two most recent years or joint income with a spouse exceeding $300,000

or

a natural person who has individual net worth, or joint net worth with the person’s spouse, that exceeds $1 million