Since our founding in 2013, we have attempted to finalize our charitable status with the IRS. It has not stopped us from attempting to help our Doers serve their Inspirations, but it has held us back in raising the needed funds for us to operate. This has forced us to hold back going all out building the foundation.
We are pleased today to announce that we are officially recognized as a 501(c)(3) organization. This allows us to take tax deductible donations as well as gives us the official legitimacy from the government. It doesn’t change our mission, but it does improve our ability to fulfill it.
Why did you not receive your status in the past?
I Do It For Foundation is unique in that our focus is on helping individuals rather than primarily raising funds for organizations or causes. The best we can tell is that the IRS agent receiving our original filing set it aside because this person thought we were seeking to make those gifts for individuals tax deductible. It got shuffled into a file and stagnated.
However, our filing was to make donations to the Foundation’s operating expenses tax deductible. We never intended to seek that status for gifts to the individuals we serve. We thought we had clearly expressed that in the documents and put that wording in our publicly viewable documentation.
We waited nearly 12 months before we started asking questions. We figured that the wheels of government were just turning slowly. Our attorney began to ask questions and later learned that the filing had been put on hold — but without the IRS informing us.
He filed a complaint and clarified our intentions. Finally, we started to see movement and the deed is done!
What does this mean for how we handle funds?
1. One thing that does not change is that money donated to our projects for our Inspirations IS NOT tax deductible. We cannot legally provide tax deductible receipts for money that will be given to individuals.
2. What changes is that now money donated to the I Do It For Foundation to cover operational expenses (web site development, financial charges, Doer support items, and other administrative expenses) will be tax deductible.
It is our desire with this update in our status we can begin to pick up momentum as we support inspiring individuals who are facing a disease or need by raising money and rallying a network of support around them.
I Do It For Foundation
A 501(c)(3) under federal tax guidelines