Determination

The process of becoming a nonprofit - also known by the IRS designation 501(c)(3) - can be long. First entities must form. Then entities have 27 months to complete and submit their paperwork to the IRS. One lawyer described the process as: the IRS gives nonprofits a long time to complete their paper work because the IRS wants it done right. The determination is retroactive: meaning that once the entity is determined to be a nonprofit by the IRS, it is a nonprofit since its formation.

It is our great pleasure to announce today that we have officially received our IRS determination letter as a nonprofit. We are no longer “pending,” but rather a full fledged 501(c)(3). We are also very excited to have obtained the designation of private operating foundation. Private operating foundations are slightly unusual nonprofit types. We hope that that this designation will allow us to focus specifically on our core mission of providing housing to people as opposed to, say, fundraising.