Success: August 19, 2014 - 501c3 nonprofit Certification Granted
After yet another hour waiting on hold calling the IRS, we received the fantastic news that our application was approved on Tuesday. We are officially 501c3. More to come on how this will benefit us as an organization and help our contributors. Special thank you to all of those who donated regardless of this certification as well as those who trusted our cause and donated before the determination arrived. All donations dating back to October 6, 2013 are tax deductible. In the next month we will send a tax receipt to all donors who didn't receive anything in exchange for their support.
Update: August 12, 2014 - Request to Expedite Filed
We recently landed a pretty incredible partnership. It requires us to be 501c3 by September so we used that as grounds to request that the IRS speed our application process up! Additionally, we have contacted the office of congressman Jim McDermott and they offered to file an inquiry as to the whereabouts of our application. As of right now, the IRS says they are processing applications from February 2014 (Updated 1st week of August). In July, they were processing applications submitted in October 2013. Since we filed in March, we hope to hear back within the month.
Update: August 4, 2014 - The Wait Continues
Update: March 27, 2014 - Confirmation Received
The IRS has confirmed that it has our application. Our application will fall into one of two groups: those that can be processed immediately, or those which require additional information. If we fall into the first category, we will receive our approval in approximately 90 days. If we fall into the second, then we must wait for our application to be assigned to an IRS agent which may take 180 days. Our fingers are crossed and working with The Foundation Group makes us hopeful that we will have this critical step behind us soon.
Note: The Fieldhouse Project was incorporated in the State of Washington on October 6th, 2013. When we achieve 501c3 certification, the tax benefits to our donors and our operation will retroactively apply the date of formation.
Update: March 11, 2014 - 501(c)3 Mailed to IRS
Today marks a big step! We mailed our Form 1023 to the IRS. Now the process is out of our hands as we eagerly await the processing and approval of our application.
Key benefits once approved:
- Diversification of fundraising sources
- Access to portion of over $10 billion donated by corporations each year.
- Eligibility to apply for over $XX in grants made by foundations each year
- Helps us create an even better win-win situation in partnerships with businesses
- Lends credibility in the eyes of donors. Giving to us will positively help them from a tax standpoint
- Favorable tax treatment
- Exemption from federal and state corporate income taxes
- Donations are tax deductible so giving helps both parties
- Services and Perks Available to 501c3 Certified organizations
- Able to use Google Apps for free which will help us operate more efficiently
- Access to discounts from the USPS, payment processing platforms, and others
- People more willing to lend their time and expertise on a pro bono basis
Update: January, 2014 - Application In Production to be Ready in 4-6 Weeks
We are in the middle of learning lessons about patience, diligence, and doing this the right way so that we can get IRS approval as soon as possible. Although we had hoped to file this month, delays from the non-operating period around the Holidays, and from a backlog of paperwork at the Washington Secretary of State's office and at the Foundation Group, we fell behind our target to file by now. Part of our target was informed by unrealistic expectations, however, we now understand what the next step of this process will look like. We are setting a goal to file by March 10, 2014.
December, 2013 - 3rd Party Hired to Prepare, Represent Form 1023, Application for recognition as 501c3 Status by the IRS
In November we began preparing our application for 501C3 tax status. In December, we hired the Foundation Group, a Nashville-based organization, to represent us to the IRS. For a fee, they finish preparing our application and guarantee the approval. On average, their clients make it through in 3-6 months while self-filers risk not only delays of up to 18 months, but also outright rejection based on a highly nuanced process. We hope to have the application filed in the next 90 days.