We are a Colorado 501(c)(3)(APPLICATION PENDING) Non-Profit Charity. We have filed the necessary paperwork to request tax-exempt/tax-deductible status and are waiting for IRS approval (expecting ~ Jan'19). Upon certification of our 501(c)(3) status, we will then file with the state of Colorado as such. For more information about IRS tax rules and deductions for pending non-profits, please click here .
IRS.gov -> When the IRS approves a timely filed exemption application, exempt status is recognized back to the date the organization was created. Thus, while an application is pending, the organization can treat itself as exempt from federal income tax under section 501(c)(3). For example, it must file Form 990 (instead of an income tax return) while its application is pending. However, contributors to the organization do not have advance assurance of deductibility because the organization’s exemption is pending. If the organization ultimately qualifies for exemption for the period in which the contribution is made, the contribution will be tax-deductible by the donor. Alternatively, if the organization ultimately does not qualify for exemption, then the contribution will not be tax deductible.
NOTICE: The IRS requires all non-profits to make their annual Forms 990 ('financials') available to the public, upon request. Because we are a new organization, we have not yet filed a 2018 Form 990. According to IRS regulations, our 2018 Form 990 will be due NLT May 15, 2019 at which time we will post it below available to download.
VMAQ MF Letter of Intent to donate monument to National Naval Aviation Museum (pdf)Download
IRS EIN Letter (pdf)Download
CO Articles of Incorporation (pdf)Download
1023 USPS IRS Receipt Confirmation (pdf)Download
NMMC_ApprovalofVMAQMFProposalFor Consideration (pdf)Download
As of 10 Apr, 2019, the following generous donations/pledges have been received:
Gold/Silver Packages & Maquette Donations - $40,000
($25,000 VMAQ MF + $15,000 NAMF)
Cash Donations - $15,535
Store Donations - $35,979
--- Brief Financial Snap-shot 2018-2019---
Total non-profit revenue: $76,514 VMAQMF / $15,000 NAMF
Open Pledges: $0
TOTAL REVENUE w/PLEDGES: $91,514
Total Cost of Goods Sold (maquettes & store items): $27,980
Gross non-profit income: $48,195
2018/2019 Operating Expenses: -$5,986
Other Expense (maquette commissioning): $-4,500
Net Income: $37,708 VMAQMF / $15,000 NAMF
TOTAL PROJECT INCOME w/PLEDGES: $52,708
Paypal - $0.30 per transaction and a 2.7% - 2.9% of total transaction. Once we are 501(c)(3) verified, PayPal offers a 2.2% transaction. https://www.paypal.com/us/webapps/mpp/merchant-fees#fixed-fees-standard
We are required to collect Colorado Sales Tax on charitable sales in the state since we have conducted more than 12 days of sales activity/year. Our CO Sales and Use Tax ID is: 32176964-0000
A public charity must make the following documents available for public inspection and copying upon request and without charge (except for a reasonable charge for copying). The IRS also makes these documents available for public inspection and copying :
Exemption Application – A public charity must make available for public inspection its exemption application, Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, or Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, along with: all documents submitted with Form 1023, all documents the IRS requires the organization to submit in support of its application, and the exemption ruling letter issued by the IRS.
Annual Information Return – A public charity must make available for public inspection its annual information return (Form 990 series) with schedules, attachments and supporting documents filed with the IRS. However, a public charity that files a Form 990 or Form 990-EZ does not have to disclose the names and addresses of contributors listed on Schedule B
Substantiation and Disclosure
A public charity should be aware of the substantiation and record keeping rules imposed on donors who intend to claim a charitable contribution deduction and the disclosure rules imposed on charities that receive certain quid pro quo contributions.
Record keeping Rules
A donor cannot claim a tax deduction for any cash, check or other monetary contribution unless the donor maintains a record of the contribution in the form of either a bank record (such as a cancelled check) or a written communication from the charity (such as a receipt or a letter) showing the name of the charity, date and amount of the contribution.
A donor cannot claim a tax deduction for any single contribution of $250 or more unless the donor obtains a contemporaneous written acknowledgment of the contribution from the recipient public charity. A public charity may assist the donor by providing a timely written statement including the name of the public charity, date and amount of any cash contribution and description of any noncash contributions. In addition, the acknowledgment should indicate whether any goods or services were provided in return for the contribution. If any goods or services were provided in return for a contribution, the organization should provide a description and good faith estimate of the value of the goods or services. The public charity may either provide separate acknowledgments for each single contribution of $250 or more or one acknowledgment to substantiate several single contributions of $250 or more. Separate contributions are not aggregated for purposes of measuring the $250 threshold. There are no IRS forms for the acknowledgment. Letters, postcards or computer generated forms with the above information are acceptable. An organization can provide either a paper copy of the acknowledgment or an electronic acknowledgment, such as an email, to the donor.
Disclosure Rules That Apply to Quid Pro Quo Contributions
Contributions are deductible only to the extent that they are gifts and no consideration is received in return. Depending on the circumstances, ticket purchases and similar payments made in conjunction with fundraising events may not qualify as charitable contributions in full. A contribution made by a donor in exchange for goods or services is known as a quid pro quo contribution. A donor may only take a charitable contribution deduction to the extent that the contribution exceeds the fair market value of the goods and services the donor receives in return for the contribution. If a public charity conducts fundraising events such as benefit dinners, shows and membership drives, where something of value is given to those in attendance, it must provide a written statement informing donors of the fair market value of the specific items or services it provided in exchange for contributions. Token items and services of intangible religious value need not be considered. A public charity should provide the written disclosure statement in advance of any event, determine the fair market value of any benefit received and state this information in fundraising materials such as solicitations, tickets and receipts. The disclosure statement should be made, at the latest, at the time payment is received. Subject to certain exceptions, the disclosure responsibility applies to any fundraising circumstance where each complete payment, including the contribution portion, exceeds $75.
For more information, see IRS Publication 557