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Quarter Mile
Foundation Receives Charitable Status
April
05 , 2010 - For Immediate Release
In a notification dated March 31, 2010, the Quarter Mile
Foundation (QMF) received formal acceptance from the Internal
Revenue Service of the Foundation’s request for recognition
as a Section 501(c)(3) organization. Under the provisions
of the Internal Revenue code, the Foundation is now considered
a public, not for profit, educational charitable organization.
Prior to the formal acceptance by the Internal Revenue Service,
the Quarter Mile Foundation had been operating under the
status of a “pending” Section 501(c)(3) organization.
The Foundation had been previously granted charitable foundation
status by the State of Ohio.
“This is a watershed moment,” observed Traci
Hrudka, Chairman of the Quarter Mile Foundation. “While
the ‘pending’ status gave us most of the provisions
of being a not-for-profit charitable organization, there
was always the potential the Section 501(c)(3) might not
be granted, for some reason.
“With this acceptance from the Internal Revenue
Service, the last bit of doubt has been removed.”
While the acceptance of the Foundation as a Section 501(c)(3)
organization by the I.R.S. does not change any of the
formal structure or operation, it does, however solidify
the Foundation’s stature, and allows the organization
to provide financial supporters with documentation their
fiscal backing is tax deductable for the tax year in which
it was made. All contributions made during the Foundation’s
period as a pending Section 501(c)(3) organization have
always been tax deductable under the provisions of the
I.R.S.
Ms. Hrudka cautions contributors from outside the United
States that this notification impacts only citizens of
the United States, and citizens of other countries cannot
claim a deduction from their tax liabilities.
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