Attila Kinali wrote: > Currently OHF is still about being formed. AFAIK > the paper work is still ongoing. So donations > would not be deducible at the moment. > > I've been meaning to post to add a bit of info to Attila's comments. We are still being formed. Part of the delay is my available time, part of it is me being careful. But I do want to point out something about the non-profit/501(c)(3) process. We will be incorporated as a non-profit from the beginning. This effectively means we have much less of a tax headache to deal with and that any income cannot be redistributed to corporate share holders or employees in any way other than a salary commiserate with the position. I should note that no one will be taking a salary for the foreseeable future.
At the time of incorporation, we will be a legal entity to which you could, if you so desire donate money. We, the Foundation, will have to work out how to accept, track, and disperse it, but you could give us money. It would not, at that time be tax deductible in the US. Until such time as we get 501(c)(3) status, any donations given to the Foundation are not tax deductible. It may take up to two years to achieve 501(c)(3) status and I have been warned that the IRS give extra scrutiny to scientific and research organizations which is what we will be. Now for the bit of good news. Once we receive 501(c)(3) status, all donations given prior to our reception of 501(c)(3) status become retroactively tax deductible. So anybody who had already given us money gets to deduct it from their taxes once we achieve IRS non-profit status. Kind of confusing and a bit of a pain, but that's the way it works. Patrick M _______________________________________________ Open-graphics mailing list [email protected] http://lists.duskglow.com/mailman/listinfo/open-graphics List service provided by Duskglow Consulting, LLC (www.duskglow.com)
