Sunday, April 29, 2012
We're Official! 501(c)(3) Status Approved!
Last month, we were given some very positive news by the US Internal Revenue Service. After more than a year in the review process, our application for status as a tax-exempt public charity was approved!
Open Endowment NFP on the IRS Exempt Organizations List
Of course, we have been operating as an Illinois Not-For-Profit Corporation since we launched our service in November of 2010. Fortunately, IRS rules allow contributions that have been made to a non-profit to be tax-deductible to donors retroactively (for a defined period) as long as that organization is deemed to be operating for the public good by the IRS at a later date.
We are VERY pleased to have obtained official recognition as a 501(c)(3) charitable organization from the IRS. It is an important step in building our service and building our community of philanthropists.
Also, we would like to extend a VERY warm THANK YOU to our partners at Mayer Brown. Our excellent team of attorneys has done a fantastic job as addressing all the questions and concerns, both from our own team and the IRS. Thank you so much!
And thanks to YOU for supporting us, and participating in the community here at Open Endowment. This is an important step in making it possible for small philanthropy to make a big impact.
Posted by David at 4:50 PM