Okay, so my dream is very close to coming true. Hart and I worked tediously on the paperwork for the 1023 application for 501c3 Tax Exempt Status. You see, Art4TheHomeless, the organization that I have dreamt of and put the past 5 years of my life into, needs to be a fully functional charitable organization.
Here's how it works. Say Art4TH needs $50 bucks for something. If we are Tax Exempt, a corporation could sponsor the $50 and write it off on their taxes for that year. If Art4TH isn't Tax Exempt, then they won't do it.
With this status, we could raise thousands for our goals: setting up a center where we can host events that raise funds for local and national homeless shelters and food bank and other charitable organizations.
Anyway, Hart and I spent a total of about 24 or so hours doing this paper work. An anonymous donor donated a huge chunk of the $400 tax exemption fee and the rest came from the fundraiser we held at The Five Spot back in July.
Today, with the check for the $400 Tax Exemption Fee, we mailed the 1023 Application for 501c3 Tax Exempt Status and had it shipped overnight. The IRS will receive it by noon tomorrow, and yes, we sent it certified mail meaning I will get a signature stamp back.
Now we wait, and while we wait we plan. It could be a 6--8 month waiting period, or so I've read and heard.
Okay, so my dream is very close to coming true. Hart and I worked tediously on the paperwork for the 1023 application for 501c3 Tax Exempt Status. You see, Art4TheHomeless, the organization that I have dreamt of and put the past 5 years of my life into, needs to be a fully functional charitable organization.
Here's how it works. Say Art4TH needs $50 bucks for something. If we are Tax Exempt, a corporation could sponsor the $50 and write it off on their taxes for that year. If Art4TH isn't Tax Exempt, then they won't do it.
With this status, we could raise thousands for our goals: setting up a center where we can host events that raise funds for local and national homeless shelters and food bank and other charitable organizations.
Anyway, Hart and I spent a total of about 24 or so hours doing this paper work. An anonymous donor donated a huge chunk of the $400 tax exemption fee and the rest came from the fundraiser we held at The Five Spot back in July.
Today, with the check for the $400 Tax Exemption Fee, we mailed the 1023 Application for 501c3 Tax Exempt Status and had it shipped overnight. The IRS will receive it by noon tomorrow, and yes, we sent it certified mail meaning I will get a signature stamp back.
Now we wait, and while we wait we plan. It could be a 6--8 month waiting period, or so I've read and heard.
115 Page application
Hart putting everything together
Getting ready to be shipped!
