EFTA01424594.pdf

EFTA01424594 EFTA01424595 1 I I INTfiaiKaL RE^aiUE service P. 0. BOX 2508 eiNCINNA'TI, OR 45201 DEPARTMENT QP THE TREASURY ntifieatioii Nutiijej DlNs Cbiitact Pec&oB: ' ASHOK B JOSH1 Contact Telephone NUinheti AGcounting Period Ending: DBcemfaer 31 Adderidtim Appliee! Date! iw ae E EPSTEIE VIRGIN ISEAM3S: FOraroATION ID# 31371 INC 6100 RED HOOK CJUARTER STE B-3 ST THOMAS, VI 00802: ,J30 Dear Applicant: Based pn information syppliedi and assuming your Operations will pe as stated iii yovr application for recognition of exemption, we have determined you are exempt from Eederal income tax under section 501(a) of the Internal Revenue Code as an organisation dencribied in section SOi(c) (3) . We have further determined that, as indicated in S^our application, you are a private foundatien within the meaning of section 509 (a) of the; Code . Iti this letter we are not determining whether you are an operating foundation as defined in section 4942 y ) (3) . If your sources of support, or your purposes, character, or method of operation change, please let us know so we can consider the effect of the change on your exempt status and foundation status. In the case of an amend- ment to your organizational document or bylaws, please send us a copy of the , amended dOGument or bylaws. Also, you should inform us of all changes in your name or address. As Of' January 1, 1984, you are liable for taxes under the Federal Insurance Contributions Act (social security taxes) on remuneration of $100 EFTA01424596 or more you pay to each of your employees during a calendar year. You are not iiabie for the tax imposed under the Federal Dnemploynrent Tax Act (FOTA) , However, since you are a priyate foundation, you are subject to excise taxes under chapter 42 of the Code. You also may be subject to other Federal excise taxes, if you have any questions about excise, employment, or other Federal taxes, please let us 3qjow^ Donors may deduct cantrlbutlons to you as provided in section 170 of the Code. Bequests, legacies, devises, transfers, or gifts to you or for your use are deductible for Pederal estate and gift tax purposes if they meet the applicable provisions of sections 2055, 2106, and 2522 of the Code. Contribution deductions are allowable to donors only to the extent that their contributions are gifts, with no considerabioh received. Ticket pur^ Chases arid similar: payments^ in oonjunction. with fundraising events may pot necessarily qualify as deductible contributions, depending on the clrcum- Letter i076 (DO/CQ) 7 .7 -2- 3 EPSTEIN VIRGIN mftNDS FOUNDATION See Revenue Ruling 67'246, published In Cumulative Bulletin 1967-2, BtaneeB, on page 104, whicth sets forth guidelines 3?egerding the deductibility, as chari- table contribufeicna, of payaients made by tsapayers for admission tp or other partiGipation in fundraising activities fear charity. You are required to file Form 990 "PF, Return of Private Foundation or Section 4947 (a) Il) TnlSt Treated as a private FOUndatiDh, Portn 99q-PP must be filed by the 15th day of the fifth month after the end of your annual account- ing period. A penalty of $20 a day is changed when a return is filed late, unless there is reasonable Cause for the delay. However, the maximiwi penalty etharged eannot exceed $10,000 or 5 percent of your gross receipCB for thp year, whichever is less. For organizations with gross. reGelpts exceeding $1,00.0>000 in any year, the penalty is $100 per return, unless there is reasonable cause for the delay. The maximum penalty for an orgahisation with gross r-eceipts exceeding $i3OD0,00ft shall not exceed $50,000; This penalty may also be charged if a return iu not complete, so please be sure your return is conqjlete before you file it. You are not regulred to file Federal Income tax returns Unless you are subject to the tax on unrelated business income under section Sll of the Code, EFTA01424597 if you are subject to this tax, yon must file an income tax return on Form: 990-T, Exempt Organization Business income Tax Return. In this letter we are not determining whether any of your present or proposed activities are unrelated trade or business as defined in section 513 Of the Code, You are required to make certain returns available for public inspection for three years after the later of the due date of the return or the date the return is filed. The returns required to toe made available for public Inspection are Form 990-PF, Return Of Private Foundation or Section 4947 (a) (1) :Hc>nexempt Gharitabie Trust Treated as a Private Foundation, and Form 4720, Return of Certain Excise Taxes on Gharitiea and other Persons Under Chapters 41 and 42 of the Internal Revenue Code. You are also required to make available for public inspection your exemption application, any supporting documents, and your, exemption letter. Copies of these documents must be provided to amy individual upon written or in person request without charge other than reaeonufele fees for copying and postage. You may fulfill this requirement by placing these documents on the Internet. Penalties may be imposed for failure to comply with these requiriKnantS, Additional information is available in Publication 557, Tax-Exempt Status for Your Organlaation, or you may call O«r toll free number shown above. You fteed an employer identification nunftier even if you have no .employees. If an employer identification number was not entered on your application„ a aunfcer will be assigned to you and you will be advised of it. pleaBe use that number on all returns you file and in all correspondence with the Internal Revenue service. . This determination is baUed On evideiiee that your fUnda are dedicated bo the purposes listed in section S01(c) (3) of the Code. To assure your continued exemption, you should maintain records to show that funds are expended only for those purposes, If you distribube funds to other I lietter 1076 (DQ/CG) -) r f •\ 'r -3- 3 EPSTBIH VIRGIN ISLANDS FGUNCATION organizations, your records should show wheth&r they are exempt under section' 501(c)(3) . In cases where the recipient organization is not exempt under section 501(c) (3), there should be evidence that the fiindB will: remain dedicated to the required purposes and that they will be uaetl for those purposes by the recipient. If we have indicated in the heading of this letter that an addendum applies, the addendum enclosed is an integral part of this letter. Because this letter could help resolve any questions about yoUr eXSttipt Status and foundation statue* you should haoP it in your permanent records. EFTA01424598 If you have any questions, please contact the person whose nanie and telephone number are shown in the heading of this letter. Sincerely yours, Steven T. Miller Director, Exempt Organizations Letter iQVfi (DO/GG) EFTA01424599