It’s official! The Black Fives Foundation is now formally recognized as a public tax-exempt charity!
We received a letter this week (here it is) from the Internal Revenue Service’s Determination Unit in Cincinnati, Ohio indicating that our application for tax exemption under Section 501 (c) 3 of the Internal Revenue Code has been approved.
This means contributions to the Foundation are tax deductible under Section 170 of the Code.
Bequests, devises, transfers, and/or gifts to the Foundation are also tax deductible under Sections 2055 and 2522 of the Code.
These tax benefits apply retroactively, back to the date of our incorporation in January 2013. Our 501 (c) 3 application was submitted in November 2013.
In advance of the letter, we got this voicemail from the IRS telling us that our application was “perfect.”
To help us celebrate this important milestone, you could make an official DONATION right now! Thank you!