CCP 07-26-1993 - Laserfiche WebLink

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" . . . - 2 - . Up Anet Out ot Poverty - Saint Paul, Inc. It your gross receipts aach year are not normally aore than $25,000, we ask that you establish that you are not requ1recl to tile Porm 990 by completinq Part I ot that Porm for your first year. Ther_fter, you will not be requ1rect to tile a return until your gross receipts exceeel the $25,000 aint.ua. Por quidance in determininq it your gross receipts are "normally" not lIOre than the $25,000 limit, see the instructions for the porm 990. If a return is required, it must be tilecl by the 15th day ot the fifth IIIOnth after the end ot your annual accountinq periocl. A . penalty ot $10 a day is charqed when a return is tiled late, unless there is reasonable cause tor the delay. The maximum penalty charqed cannot exceed $5,000 or 5 percent ot your gross receipts for the year, whichever is less. This penalty may also be charqed if a return is not complete, so please be sure your return is complete before you tile it. You are required to make your annual return available for pUblic inspection for three years after the return is due. You are also required to make available a copy of your exemption application, and supportinq documents, and this exemption letter. Failure to make these documents available tor public inspection may subject you to a penalty of $10 per day tor each day there is a failure to comply (up to a aaxiaum ot $5,000 in the case of an . annual return). See Internal Revenue Service Notice 88-120, 1988-2 C.B. 454, tor additional information. . You are .not requirect to tile tederal income tax returns . -' unless you are subject to the tax on unrelateet business income under section 511 of the Cocle. If you are subject to this tax, you must file an income tax return on porm 990-T, Exempt Orqanization Business Income Tax Return. In this letter we are not determininq whether any of your present or proposed activ- ities are unrelated trade or business as defined in section 513 ott:he Code. Contributions to your orqanization are not deductible by donors under section 170(c) (2) of the Code. Under section 6113, any fund-raisinq solicitation (includinq a solicitation for membership dues payment) you make must include an express statement (in a conspicuous and easily recoqnizable format) that contributions and qifts are not deductible as cqaritable contributions for federal income tax purposes. This does not apply, however, if your annual qross receipts are normally $100,000 or less, or if your solicitations are made to no more than ten persons durinq a calendar year. The law provides penalties for failure to comply with this requirement, unless the tailure is due to reasonable cause. See Internal Revenue Service Notice 88-120, 1988-2 C.B. 454, for additional information. . G -