By Brandon Lau
September 16th, 2014
A little over a year after its founding, The Fieldhouse Project has finally been approved for 501(c)(3) certification. 501(c)(3) refers to Section 501(c) of the Internal Revenue Code of the United Status that grants tax exemptions to nonprofit organizations.
The Fieldhouse Project team initially applied for 501(c)(3) in March of 2014 and received confirmation of approval in August 2014. This 5-month wait time falls within the typical approval time of 2 to 12 months.
What this means is that all donations to The Fieldhouse Project are now officially tax-deductible, and the organization itself is exempt from federal income taxes. 501(c)(3) status is granted by the IRS.
The 501(c)(3) status can be backdated to make donations since October of 2013 tax deductible.