Wednesday, February 25, 2009

What does "501(c)3" mean to you?

It probably doesn't mean a lot to you. It means a helluva lot to me, though, and it represents a milestone for BECA.

On February 23rd -- my sister's birthday! -- BECA received a letter from the U.S. Internal Revenue Service (IRS) confirming our legal status as non-profit. 501(c)3 refers to the section of the United States Internal Revenue Code under which BECA obtained this exemption.

Here is the proof: IRS Approval Letter.

Why is this important to me? I can think of three reasons.

First, American taxpayers will now be able to deduct their contributions to BECA.

Second, this qualification by the IRS enhances the legitimacy of our organization in the eyes of American donors.

Third, and by far the most important to me, this moment represents a graduation of sorts for BECA. A little idea hatched in my (little?) mind sixteen months ago is now a recognized public charity. There is no turning back and the passion I feel for this project has taken on a whole new dimension. An objective party - not a friend, family member, or poverty activist - has given BECA the green light.

I'm thrilled.

5 comments:

  1. My Hats off to You! I have followed your story through your blog on your "Personal Journey into the World of Microfinance" and now through BECA to the culmination of an ambitious idea that YOU have officially made into a well-founded reality. I am honored to sponsor your cause and will continue sporting it both in spirit and personal input.

    CONGRATULATIONS HOWARD!

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  2. oops!!!

    will continue SUPPORTING you cause both in spirit and personal input :)

    Go HOWARD GO!!!!!!!!!!!!!

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  3. I came across the videos that some of the children have posted in youtube, what a nifty idea! I am curious to know if any of them were sponsored as a result.

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  4. Yes, my initial idea was to use videos from the students as a means of attracting sponsors.

    None were sponsored as a result of this experiment, but I didn't push the idea very hard.

    Thanks for reminding me. It may be worth looking at again.

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  5. "Helluva", Howard you are hilarious!! Well done :-)

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