April, 2009 - Last month, hashi.org was awarded 501c3 tax-exempt status by the IRS. The long, complicated process took 2 years but the advantages make it well worth the effort.
By comparison, filing to create a "non-profit organization" is relatively easy, and there is little oversight by the government. But the true advantages of creating an NPO only come with the 501c3 status. For example:
1. Can accept tax-deductible donations
2. Pays no income tax
My great hope is that not only will it relieve me of being the sole contributor to the scholarships and expenses we incur, but that the donations we receive will enable us to offer more scholarships each year. It breaks my heart to receive so many worthy applications, and have to choose just one during each application period.
Soon, we will put up a donation webpage on our site, and encourage all to give to the cause of reaching out with the hand of friendship in this world.
CLICK HERE to see copy of the award letter.