FRIENDS OF EDGEWOOD NATURAL PRESERVE
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FRIENDS OF EDGEWOOD NATURAL PRESERVE
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FRIENDS FILE FOR EXEMPT STATUS By Peter Ingram The Friends of Edgewood Executive Board has completed state and federal applications seeking recognition as a California public benefit corporation under the provisions of federal 501(c)3 tax laws. On July 31st, two voluminous packages of forms, narratives and spreadsheets were mailed off with a sigh of relief. Now we must wait two to six months to receive a response from the California Franchise Tax Board and the Federal IRS. If either agency is satisfied with our initial submittals and does not require additional information, the Friends may be issued a "favorable determination letter" and begin three years of probationary status with the IRS as a tax exempt corporation. During this period we will be required to file annual forms that demonstrate that we are operating within the bounds as delineated in our application. Gaining approval of our applications for exempt status will fulfill a long-standing goal of the Friends. With not-for-profit corporate status, the Friends will be able to seek grants and contributions to further our work in preserving Edgewood Natural Preserve for the human, plant and animal generations to come. Incorporation also confers an official status on the organization that will add to our stature as we advocate what is right for the preserve and its visitors. And, for those members who value tax deductions, exempt status means that your annual membership dues and your generous contributions will be tax deductible. During the application review and approval period, I have been designated by the Executive Board as the Friends’ contact person for state and federal agencies. If you have any questions concerning the exempt status application process, please contact me. Watch future issues of the Explorer for updates on our quest for exempt status! |
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