For those who may be wondering just what that means for FOFA, we'll let the I.R.S. explain in their own words:
"We're pleased to tell you that you're exempt from federal income tax under Internal Revenue Code (IRC) Section 501(c)(3). Donors can deduct contributions they make to you under IRC Section 170. You're also qualified to receive tax deductible bequests, devises, transfers or gifts under Section 2055, 2106, or 2522."
"Organizations exempt under IRC Section 501(c)(3) are further classified as either public charities or private foundations. We determined you are a public charity under IRC Section 170(b)(1)(A)(vi)."
Any way you read it this is great news for DGN FOFA. In a nutshell, FOFA can purchase goods without being taxed and any future contributions made to FOFA will be tax deductible, as well as any made since its inception. We will shortly be updating donor letters, contributing member forms, etc. to reflect our new status.
A big THANK YOU and "job well done" to Treasurer Diana Heppner and VP of Finance Ron Jachim for their dogged and determined work to get this done and make it happen!
