¨ 501(c)3 Granted
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¨ 501(c)3 Granted
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After the 501(c)3 application is submitted, the IRS thoroughly reviews the documents submitted and assesses whether the Foundation meets the necessary requirements of federal tax code. If the application is complete enough to warrant exemption under the code, the IRS will send a determination letter to the Foundation clearing it for tax-exempt status. Sometimes the IRS requests additional information before it can make its decision. In this case, an applicant would need to supply the additional documentation before a determination letter may be sent. Because of the review and occasional lag time in sending information back and forth, the review process takes weeks to months to complete. The end result, though, is the Foundation's ability to accept donations that are tax deductible to the donor. This step is a to-do item, awaiting the 501(c)3 application.
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